CEBU-BASED Vivant Corp. said its second-quarter attributable profit dropped by 23.5 percent to P416.88 million in the second quarter from P544.67 million in the same period last year.
Vivant said its revenues stood at P1.59 billion, down three percent compared with P1.64 billion in the same period last year, based on its quarterly report filed with the stock exchange.
Vivant’s year-to-date attributable net income was recorded at P452.02 million, down by 34.2 percent year on year.
Earnings before interest, taxes, depreciation and amortization also dropped 28 percent year on year to P892.87 million due to a spike in generation cost, on the back of increased dispatch in 65 percent-owned Isla Norte Energy Corp. and the higher cost of purchased power of Corenergy Inc. as energy sales volume went up. (PR)