High costs drag Vivant profit
MANILA, Philippines — Vivant Corp., a listed energy and water conglomerate, posted weaker earnings in the first half as surging expenses overshadowed impressive sales.
The company’s, net income took a 40-percent dip to P877.4 million from January to June from last year’s P1.5 billion.
Consolidated revenues, on the other hand, heated up by 75 percent to P4.4 billion from P2.5 billion on increased sales of power during the six-month period.
Generation costs more than doubled to P3.8 billion from P1.8 billion, while operating expenses widened to P647.8 million from P441.3 million.
Vivant, through subsidiaries and affiliates, is engaged in renewable and non-renewable energy generation, electric power distribution and retail electricity supply.
The Cebu-based conglomerate plans to invest up to P30 billion to ignite the growth and expansion of its energy and water businesses in the long term.
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