Alternergy profit falls on lower wind revenues
By Ed Paolo Salting – February 11, 2025
from The Manila Times
ALTERNERGY Holdings Corp. reported a net income of P88.59 million for the first six months of its current fiscal year, down nearly 27 percent from the P121.18 million posted in the same period in 2023.
In a disclosure, the company attributed the drop in profit to the lower revenues generated by its Pililla Wind Project as weaker wind speeds reduced power production.
However, Alternergy’s solar assets helped boost total revenues from electricity sales, which rose to P181.19 million at end-December from P100 million a year earlier.
The company also said that the revenue increase was due in part to the inclusion of the fiscal first-half operating results of the Palau Solar Power Project, which began commercial operations in December 2023, and revenue contributions from other solar assets, particularly the Kirahon Solar Project and its CityMall rooftop portfolio.
In a quarterly report, Alternergy said that earnings before interest, taxes, depreciation and amortization for the six months ended December 2024 rose marginally to P177.20 million from P175.30 million a year earlier.
The company anticipates the completion this year of four projects with a total capacity of 225 megawatts (MW), which it expects will boost overall revenues.
Alternergy also noted that its cash position grew by 33 percent to P4.40 billion as of end-December 2024 from P3.30 billion six months prior following successful drawdowns of project financing for the construction of the Tanay Wind Power Project in Rizal.
With fresh funds coming in the second half of its fiscal year ending June 2025, Alternergy said it managed to accelerate the construction of the Tanay and Alabat wind power projects and the Balsik (Solana) Solar Project.
“With a healthy financial position, we made significant equity infusions of around P2.10 billion over the reporting period to jumpstart construction of our Tanay Wind, Alabat Wind, and Balsik Solar projects,” Alternergy President Gerry P. Magbanua said.
“These are strategic investments that drive our growth trajectory and strengthen our position in the renewable energy market,” he added.
Alternergy shares on Monday rose by 0.96 percent to close at P1.05 apiece.
