Citicore’s profit slips 21% to $4.73m in H1

Meanwhile, revenue was up 13% thanks to higher electricity sales.

Meanwhile, revenue was up 13% thanks to higher electricity sales.

The Philippines’ Citicore Renewable Energy Corporation (CREC) said its net income attributable to shareholders fell 21% to $4.73m (PHP269.92m) in the first half of the year (H1) from $6.07m (PHP345.91m) recorded in the same period last year.

This was despite a 13% increase in its revenue to $36.67m (PHP2.09b) driven by the 15% growth in electricity sales which accounted for 83% of CREC’s revenue during the period.

Electricity sales is largely composed of revenues from commercial and industrial customers which rose by 11%, whilst the rest includes revenues from the government’s feed-in-tariff programme, and sales through the wholesale electricity spot market.

“CREC attributes this robust performance to our portfolio of 10 operating solar power facilities with a combined gross operating capacity of 285 megawatts (MW), making us the second largest solar platform in the country,” said CREC President and CEO Oliver Tan.

CREC listed on the Philippine Stock Exchange in June. It was able to raise $93m (PHP5.3b) which included a $12.5m investment from the UK Government’s MOBILIST programme.

“The full impact of the power generation revenues will be felt next year since projects currently under construction will start to be energised by then. We will focus on adding solar capacity and looking at other opportunities that take us closer to our 5 gigawatts in 5 years goal,” Tan said.

$1 = PHP56.99

Citicore

Can't Login? Sign up for an account

Email address The email address is not made public. It will only be used if you need to be contacted about your account or for opted-in notifications.

Password

Confirm password

Provide a password for the new account in both fields.

This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.

Already have an Asian Power account? Login

Can't log in?

Return to login

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit