Filipino-led firm SPC Power Corporation has declared P598.620 million worth of cash dividends to its shareholders that shall be payable before the end of this year.

In a disclosure to the Philippine Stock Exchange (PSE), the company indicated that the cash dividend was equivalent to P0.40 per share.

Payment of the declared dividends, it emphasized, will be on December 28 this year and it shall cover stockholders as of record date December 21, 2020.

In SPC Power’s board meeting last week, the directors also approved the designation of Keeyong Chung into the Board, replacing Jung-in Kim who has been recalled to his main office in South Korea.

SPC Power has a joint venture deal with Korea Electric Power Corporation (Kepco) for a coal-fired power facility in Cebu with an installed capacity of 200 megawatts. The plant had been on commercial operations since 2011.

Within third quarter this year, the company has reported consolidated net income of P382 million, taking a dip of 29.1-percent from last year’s P538.6 million; and that had been mainly attributed to “momentary decline in the earnings of investee-companies.”

SPC’s equity earnings had likewise dropped by 53.1-percent to P205.7 million in the quarter, from a rosier base of P438.8 million in the same July-September period last year.

The company said that had been due to the scheduled major maintenance of its 200MW power generating units in Cebu; and the prevailing lower demand of industrial and commercial customers in power distribution.

Nevertheless, the company looks forward to financial performance rebound by fourth quarter this year following the completion of its facility’s maintenance activity and the gradual hike in electricity demand because of the economy’s reopening.

On the whole, SPC Power emphasized that the distribution segment of its business posted lower income contribution, but “it was more than offset by 32.8-percent increase in capacity utilization of the power generation business segment as compared with the same period last year.”