Despite the drop, the company said profit exceeded internal targets by 23 percent, supported by steady contributions from new operating assets.
Revenues surged 43 percent to P261 million, fueled by dollar-denominated income from the Palau Solar and Battery Storage Project.
Earnings before interest, taxes, depreciation, and amortization also rose 9 percent to P291 million, showing stronger core operations.
Management’s view
“As part of ALTER’s Road to 500 MW, these projects will soon come on stream in the coming year and eventually contribute steady revenues to ALTER and our shareholders,” said ALTER president Gerry P. Magbanua.
“As these projects are being completed, ALTER is also building up the development of the next projects under our Road to 500 MW capacity target,” he added.
Clean power pipeline
The company is working to complete four renewable energy facilities, including the Dupinga mini hydro plant (83 percent complete) and the Balsik solar project (over 50 percent finished), both scheduled for completion by mid-2025.
Progress also continues on the 128 MW Tanay and 64 MW Alabat wind power projects, with the first batch of turbines delivered in April and substation construction now underway.
