CEBU-BASED Vivant Corp. suffered an 11% decline in third-quarter net income to P491.26 million from P551.86 million due to higher expenses and the delayed recovery of generation charges by its distribution utility.
In its regulatory filing, the listed firm, which has holdings in the energy sector, saw its third-quarter revenues go up by 26% to P1.65 billion from P1.31 billion in the same period last year.
Gross expenses for the period, however, surged to P1.06 billion from P574.82 million.
For the nine-month period, Vivant recorded a net income of P943.28 million, down by nearly 24% from P1.24 billion a year ago.
In its quarterly report, Vivant said its distribution utility unit, Visayan Electric Co., posted a 39% decline in its nine-month income to P363.4 million from P596.3 million as a result of prolonged power outage in Cebu caused by typhoon Odette.
From January to September, the company’s revenues increased by 15.8% to P4.32 billion from P3.73 billion a year ago. The sale of power accounted for the biggest revenue share with 72.2% at P3.12 billion.
Vivant attributed the segment’s contribution mainly to the revenue generated by its investments in oil-fired power plants and solar rooftop installations.
As of September, the company’s gross expenses rose by 56.5% to P3.02 billion from P1.93 billion in the same period last year. — Ashley Erika O. Jose