Alternergy posts P158-m profit

By Alena Mae S. Flores – May 13, 2024, 6:40 pm
from manilastandard.net

Listed Alternergy Holdings Corp. said Monday it posted a net income in a nine-month period ending March 2024 at P158 million, a turnaround from its P8.6-million net loss in the same period the previous year.

This is on the back of a 44-percent increase in revenues in the nine month period to P182.5 million, boosted by its newly energized Palau Solar battery energy storage system (BESS) which started commercial operations in January 2024.

“With the start of its operations, we expect a steady flow of income from the Palau project, further boosting the company’s financial position as well as increase value to our shareholders,” Alternergy president Gerry Magbanua said in a statement. “The Palau project is the company’s eleventh operating asset. We are also starting construction of three projects with a capacity of up to 204 MW – the Alabat and Tanay Wind Power Projects and the Solana Solar Power Project,” Magbanua said.