CEBU, Philippines - Publicly-listed Vivant Corporation (WT) reported a 123 percent growth in 2012 with a net income of P1.47 billion.
The Cebu-based power company recorded total assets of year-end at P7.1 billion, while Equity Attributable to Parent stood at P4.8 billion.
Vivant Corporation is the holding company of the Garcia-Escaño family of Cebu, which holds investments in the power business.
Since 2007, Vivant has built its generation asset portfolio to hold investments in power plant facilities with total generation capacity of close to 630 MW.
The company's equity investment in Visayan Electric Company, Inc., the country's second largest distribution utility, continues to be its sole investment in the electricity distribution business.
In 2012, the power generation business, which is composed of diesel, hydroelectric and coal power plants, accounted for the bulk of earnings, contributing 64 percent of total, or P943 million.
Meanwhile, the electricity distribution business booked an income contribution of P313 million, up 18 percent year-on-year.
Vivant continues to be on the lookout for investment opportunities in the power industry.
Vivant has been aggressively investing in the generation sector of the industry. In December 2009, it won the bid for the appointment of an administrator of the combined 100 MW capacities of the 70 MW Bakun hydro plant in Ilocos Sur and the 30 MW Benguet hydro plant complex in the Cordillera Administrative Region.
Vivant Corporation is a holding company with investments in various projects in the power generation and distribution sectors.
Through its wholly owned subsidiary Vivant Energy Corporation (VEC), the Company has 35 percent interest in Delta P, Inc., an independent power producer based in the island of Palawan. VEC also owns 40 percent of Cebu Private Power Corporation another independent power producer located in Cebu City.
In addition to investments in the power generation sector, the Company directly owns 22 percent of the Visayan Electric Company, Inc. It also directly holds 50.88 percent in Hijos de F. Escano, Inc. The Company wholly owns VC Ventures Net, Inc., a holding company. (FREEMAN)