EDC of Lopezes allots P15.7B for capex this year
Listed Energy Development Corp. (EDC) of Bilyonaryo Oscar Lopez has earmarked P15.7 billion for its capital expenditures this year to beef up its energy portfolio.
The company is spending P13.8 billion for acquisitions to support operations and maintenance requirements of the business units including Leyte Geothermal, Negros Island Geothermal, Bacon-Manito Geothermal, and the Mt. Apo Geothermal.
The budget will be used mainly for maintenance drilling operations and power plant reliability improvement.
On the other hand, the remaining P1.9 billion will be for investments in Latin America, local geothermal expansion, and technical initiatives of the information technology as well as the operations and engineering groups.
Earnings of EDC plunged 35 percent to P7.6 billion last year from P11.7 billion in 2014 due to the absence of a one-time gain and foreign exchange losses.
The company’s consolidated revenues climbed by 11 percent to P34.4 billion last year from P30.9 billion in 2014 on the back of higher energy sales.