Phinma Energy Corp. said net income in the first nine months fell 49 percent to P424 million from P826.6 million a year ago, on higher cost of power purchased.
“General and administrative expenses for the nine months period for 2017 increased due to increased level of operations which resulted in higher taxes and licenses and headcount,” the company said.
Revenues reached P12.4 billion in the first nine months, up from P11.196 billion in the same period last year. Revenues from the sale of electricity alone grew to P12.394 billion from P11.184 billion.
Cost and expenses reached P12.455 billion in January to September, up from P10.534 billion last year.
The company was able to achieve a significant volume of customer migration due to the implementation of retail competition and open access. RCOA allows large power users to choose their own suppliers.
With increased competition under the open access regime, power suppliers are offering low prices to attract large consumers.
