Repower Energy Development Corp., the newly-listed pure play on hydropower, said Wednesday its first-half net income more than tripled to P95.7 million from P27.2 million in the year-earlier period on gains from the full operation of two additional power plants.
It said gross revenue for the first half increased 65 percent to P137.6 million on the back of the contribution of new hydroelectric plants.
Repower expects strong growth in the second half of the year with the commissioning of the Tibag 5.8 megaWatt plant in late June and the possible operation of Lower Labayat, which is currently undergoing testing and commissioning.
In the first six months, Repower has increased by 58 percent its generation to 35.2 gigaWatt-hours from 22.3 GWh.
Repower, which listed on the Philippine Stock Exchange last month, raised P1.5 billion from its initial public offering whose proceeds will be used to finance other renewable energy projects.
