Citicore Renewable Energy Corp. booked a 38 percent surge in its net income for the first half of the year, hitting P630 million compared to P456 million in the same period last year.
The income rise was powered by a 32-percent increase in electricity sales that jumped to P2.29 billion from P1.73 billion.
Oliver Tan, CREC president and chief executive officer, added that the company expects to see its first additional 1,000 megawatts (MW) of RE online by the end of the year.
CREC allocated a capital expenditure of at least P35 billion this year.
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