ALTERNERGY Holdings Corp. said on Monday that it recorded a consolidated net income of P38 million in the first half of the year, driven by higher revenues.
In a media release, the listed energy company said it managed to turn around from the P145.2-million net loss in the same period last year.
“Alternergy is entering the next phase of our growth momentum. We will build on past year’s successes,” Alternergy Chairman Vicente S. Pérez Jr. said.
He said in the next two years, “we will be on full-swing construction mode for our wind and solar projects and at the same time completing the construction of our run-of-river hydro projects.”
During the first semester, the company’s cash and consolidated assets rose to 113% to P1.2 billion and 41% to P4.9 billion, respectively.
Alternergy said it had allocated P720 million from the proceeds of its initial public offering to the pre-development of six renewable projects with 183 megawatts (MW) of capacity covering wind, solar, and hydropower.
The surge in consolidated assets was due to continued investments in the company’s projects, which are under construction, the company said. These are the solar farm and the battery storage project in Palau and two run-of-river hydro projects in Nueva Ecija and Ifugao.
During the period, earnings before interest, taxes, depreciation, and amortization increased by 7.7 times to P180 million from P23.3 million previously.
“Our initial year as a publicly listed company sets further growth in the coming years as we roll out our pipeline of projects,” Alternergy President Gerry P. Magbanua said.
The company said it expects its 13.2-MW alternating current solar farm and battery projects to start commercial operations by the fourth quarter of this year.
Alternergy is targeting to develop up to 1,370 MW of renewable energy sources such as onshore and offshore wind, solar, and run-of-river hydropower.
At the local bourse on Monday, shares of the company closed unchanged at P0.81 apiece. — Sheldeen Joy Talavera