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

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