Vivant income slips by 23.5%

CEBU-BASED Vivant Corp. reported on Monday that its second-quarter attributable profit dropped by 23.5% to P416.88 million in the second quarter from P544.67 million in the same period last year.

In its quarterly report filed to the stock exchange, Vivant said that its revenues stood at P1.59 billion, up 3% compared with P1.64 billion in the same period last year.

Vivant’s year-to-date attributable net income was recorded at P452.02 million, down by 34.2% year on year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) also went down by 28% year on year to P892.87 million due to a spike in the cost of generation cost, on the back of increased dispatch in 65%-owned Isla Norte Energy Corp. and the higher cost of purchased power of Corenergy Inc. as energy sales volume went up.

Vivant, through its subsidiaries and affiliates, has interests in power generation, power distribution, and the retail electricity supply business.