Earnings from its power businesses increased 38 percent to P213 million, with contributions from new investments in Luzon Hydro Corp., San Fernando Electric and Northern Mini Hydro of P47 million, P7 million, and P1.5 million, respectively. Income contribution from Visayan Electric improved 22 percent to P27 million, while contributions from the power generation companies Southern Philippines Power and Western Mindanao Power were up a combined 25 percent, at P37 million. Davao Light’s contribution to earnings was down six percent to P85 million, while Cotabato Light added P13 million.
Earnings from portfolio investments also increased by P85 percent to P63 million as the transport group and Pilmico Foods registered sharply improved results. Banking investments’ contribution to earnings declined eight percent to P76 million. Parent company earnings also declined from a P2 million loss in 2000 to a loss of P55 million inclusive of the preferred dividends, reflecting the carrying cost of the additional investments.
Overall, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 24 percent to P527 million.
On a consolidated basis, total assets increased slightly to P21.055 billion, the current ratio stood at 1.55:1, while the debt to equity ratio was 0.58:1. During the quarter, net cash increased P276 million.