Repower Energy Development Corporation (REDC), a subsidiary of Pure Energy Holdings Corporation, reports that its net income for the first quarter of 2024 improved from the previous year's first quarter due to the ongoing outstanding performance of its portfolio of micro-run-of-the-river hydropower facilities. The company reported a net income of P70.1 million for the first quarter, up 32% from P52.8 million the previous year. This is attributable to REDC's revenues, as reflected by the sale of energy, increasing by 41% year on year to P170.5 million from P121.0 million.
REDC's first-quarter results are further supported by its electricity generation, which increased year on year to 28.9 KWH from 19.5 KWH, allowing the company to report higher sales and net profits during this period. “Our financial performance for the first quarter of 2024 reflects the continued success of expanding our portfolio throughout key areas in the Philippines. This also builds on our strong financial performance for 2023, allowing us to further maximize shareholder value through the development and acquisition of hydropower plants,” Eric Peter Y. Roxas, President and CEO of REDC, said. Repower Energy Development Corporation (REDC) is a 100% owned subsidiary of Pure Energy Holdings Corporation. REDC is renewable energy developer of run of river hydropower projects through a "clustered approach method" where several projects are in a target area providing for shared economies of scale through common infrastructure, reducing the cost of development and improving the bottom line.
0 Comments
Leave a Reply. |
PLACE YOUR ADS HERE Join and Subscribe to my Newsletter. It's FREE! ABOUT THE
BLOGGER Hi, I'm Ralph Gregore Masalihit! An RFP Graduate (Registered Financial Planner Institute - Philippines). A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy). Currently, I'm working my way toward time and financial freedom. Follow me on FACEBOOK x PLACE YOUR ADS HERE PLACE YOUR ADS HERE Categories
All
|