Alternergy Holdings Corp. experienced a 27% decline in net income for the first half of its fiscal year, primarily due to reduced power production from its Pililla Wind Project. However, the company's solar assets contributed to a 81% increase in total electricity sales revenue. Alternergy expects the completion of four projects totaling 225 megawatts this year to drive revenue growth. The company also reported a 33% increase in cash position and accelerated construction of several projects.
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.
30 million a year earlier.The company anticipates the completion this year of four projects with a total capacity of 225 megawatts , 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.
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