SP New Energy reverses net loss

SP New Energy Corp., a subsidiary of Solar Philippines, on Thursday reported a nine-month net income of P24.69 million, a turnaround from the P40.45-million loss recorded a year earlier.

The company attributed the recovery to the sale of electricity as earnings rose to P333.70 million. The revenues were generated by Solar Philippines Calatagan Corp., Solar Philippines Rooftop Corp. and Solar Philippines Tarlac Corp.

Consolidated administrative and general expenses, however, climbed to P96.81 million from P50.37 million.

In October, MGen Renewable Energy Inc., a unit of Meralco Powergen Corp., invested a total of P15.90 billion to subscribe to 15.70 billion common shares and 19.40 billion redeemable preferred voting shares in SP New Energy.

Meralco Chairman and Chief Executive Officer Manuel Pangilinan said they planned to invest another P200 billion for the 3,500 megawatts solar panels and 4,000 megawatt-hours battery energy storage systems in Luzon.

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SP New Energy Corp.’s trading has been suspended since June 2 due to its public float falling below the 20-percent threshold by the Philippine Stock Exchange.