Net income of listed SPC Power Corp. fell 7.3 percent in the first quarter of 2018 to P495.093 million from P533.97 million year-on-year due to lower power generation output and the expiration of income tax holiday.
SPC Power senior vice president for finance and administration Jaime Balisacan attributed the decline “mainly due to a lower generation brought about by planned overhaul of generating units and the expiration of income tax holiday in February last year.”
Gross revenues in the first three months, however, rose to P560.14 million from P546.619 million on the year.
SPC Power posted a 6-percent decline in total comprehensive income to P1.677 billion in 2017 from P1.788 billion in 2016 “despite a challenging operating environment.”
Balisacan said the slightly lower income last year was due mainly to the impact of a power system disturbance that hit the Visayas in July 2017 and the expiration of the income tax holiday previously enjoyed by a major associate.