Vivant 2018 profit up 24% to P1.76B
Credit to Author: LISBET K. ESMAEL| Date: Fri, 05 Apr 2019 16:33:36 +0000
GAINS from foreign exchange and asset sales lifted Vivant Corp’s net income to P1.76 billion last year.
In a regulatory filing in Friday, the listed, Cebu province-based power company said the amount was a 24-percent increase from P1.42 billion in 2017.
Vivant credited the improved bottomline to a P120-million one-off gain “from the sales of its 48-percent shareholdings in NR through wholly owned unit VEC VREC,” and a P7.2-million foreign exchange gain.
Revenues, meanwhile, climbed to P4.28 billion from P4.13 billion in 2018. Total generation cost and operating expenses fell by 7 percent to P2.6 billion last year from P2.4 billion in 2017.
Consolidated total assets reached P17.2 billion, up 17 percent from P15.8 billion a year earlier.
Total consolidated liabilities slightly rose by 4 percent to P4.6 billion from 2017’s P4.5 billion.
Earnings before interest, taxes, depreciation and amortization jumped by 10 percent to P1.9 billion last year from P1.7 billion in 2017.
Incorporated on May 28, 1990, Vivant has interests in various companies engaged in electric power generation, both renewable and non-renewable energy; electric power distribution; and retail electricity supply business.
These interests are managed by its subsidiaries and affiliates. These include Cebu Private Power Corp., owner and operator of a 70-megawatt diesel-fired power plant in Cebu; Delta P, Inc., which runs a 16 MW diesel-fired power plant in Palawan province; and Cebu Energy Development Corp., which owns and operates a 246 MW coal-fired power plant in Cebu’s Toledo City.
Shares of Vivant Corp. ended flat at P16.98 on Friday.
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