MRC Allied narrows net loss to P11.38M

By Jordeene B. Lagare – August 19, 2020
from The Manila Times

MRC Allied Inc. said on Tuesday it reduced its net loss to P11.38 million in the first six months of 2020 from P19.54 million in the same period a year ago.

In its quarterly report, the listed firm attributed the contraction to “the related party transaction with Menlo Capital Corp. to support the general and administrative expenses of the company and the accrual of interest on the bank loans.”

During the period, the accrued interest hit P1.625 million.

MRC Allied also unveiled plans to develop more solar rooftop projects to beef up its energy portfolio.

“[T]he company wants to maintain its focus on solar rooftop projects…as many businesses now realize the benefits of solar energy and utilizing rooftops for such solar panels,” it said.

The firm intends to take advantage of opportunities in scale project developments, as well as continue its existing projects, such as the 50-megawatt (MW) solar power project in Palo town, Leyte province; 100-MW solar project in Tarlac province; and 60-MW solar facility in Naga city, Cebu province.

The company has a 15-percent stake in Sulu Electric Power and Light Philippines Inc. (Sepalco) in Leyte. The facility, touted as the largest solar project in Region 8, has been operating since 2016.

Sunray Power Inc., an affiliate of MRC Allied, has bagged a contract to build the P8.5-billion solar plant in Tarlac’s New Clark City in partnership with the Bases Conversion and Development Authority.

The Naga plant is being constructed by subsidiary Menlo Renewable Energy Corp. Once built, it can either supply electricity to the Visayas grid and offer its power to consumers within and around the city.

MRC Allied shares dropped by more than 1 centavo or 5.66 percent to close at 25 centavos each on Tuesday.