Repower Energy Development Corp. (REDC) booked a 255-percent increase in net income in the first half of the year at P95.7 million from P27.3 million in the same period last year.
The company attributed this to the consistent performance of its run-of-the-river hydropower plants as well as the full commercial operations of two additional plants.
REDC said its revenues for the period also went up 65 percent to P226.3 million from last year’s P137.6 million for the similar period.
The company expects to see further growth in its bottomline in the third and fourth quarters of the year with the commissioning of the 5.8 megawatts (MW) Tibag run-of-the-river hydropower plant and the 1.4 MW Lower Labayat plant undergoing testing and commissioning.
REDC is also constructing additional hydro projects including the 15 MW Pulanai in Bukidnon and 4.5 MW Piapi in Quezon which are both targeted to be operational by 2025.
