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Geothermal firm PNOC Energy Development Corporation said Tuesday its earnings for the first half of the year fell 38.6 percent due to lower revenues and foreign exchange losses.
Net profit in January to June amounted to P2.46 billion, compared to P4.0 billion in the same months in 2007.
PNOC-EDC said it booked P3.21 billion in losses from currency swings. The company has P25.3 billion in long-term loans, bulk of which is yen-denominated.
The company said its revenues also fell by 6.5 percent to P8.81 billion from P9.42 billion as operating expenses of its power plants in Leyte province and the Northern Negros Geothermal Production Field project increased.
For the second quarter alone, the company registered a 54-percent drop in net income to P1.26 billion from P2.75 billion in the year-ago period.
PNOC-EDC is 60-percent owned by Red Vulcan Holdings Corp., a wholly owned subsidiary of power producer First Gen Corp.
On Tuesday, PNOC-EDC shares closed down P0.05 or 1.1 percent at P4.55 each.
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