REPOWER Energy Development Corp. (REDC), a subsidiary of Pure Energy Holdings Corp., said Wednesday that net income for the first quarter had hit P70.14 million, up by 33 percent from P52.83 million a year earlier.
REPOWER Energy Development Corp. , a subsidiary of Pure Energy Holdings Corp., said Wednesday that net income for the first quarter had hit P70.14 million, up by 33 percent from P52.83 million a year earlier.Revenues grew to P170.51 million, 41 percent up from the year-earlier P120.96 million.
'This also builds on our strong financial performance for 2023, allowing us to further maximize shareholder value through the development and acquisition of hydropower plants,' he added.Operating expenses were said to have increased by 27 percent due to an increase in representation and entertainment, taxes and licenses, and wages.The firm said results for the quarter were boosted by its power generation capacity, which expanded year over year to 28.9 kilowatt-hours from 19.5 kWh.
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