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Manila Bulletin devider Business devider The Stock Market devider Massive drop in SPNEC's Q1 net income

Massive drop in SPNEC's Q1 net income

Published May 19, 2025 12:00 am  |  Updated May 19, 2025 02:55 am

SP New Energy Corp. (SPNEC) reported a decline in its first-quarter net income for the year.

In a disclosure to the Philippine Stock Exchange (PSE), SPNEC said its total net income during the first three months of 2025 slid to ₱12.4 million, which is a significant drop from its figure last year at ₱156.6 million.

While the company recorded a substantial drop in its net income, it noted that its solar power assets have yet to incur higher outputs for the first quarter.

“Operations of solar power plants are generally affected by seasonality. Solar power plants are expected to generate their highest output during the summer months,” it stated.

The total cost of sales of electricity, including expenses directly attributable to the generation of solar energy revenues, stood at ₱124.1 million.

“This account is mainly comprised of depreciation of the solar power plant and amortization of right-of-use (ROU) assets, which accounted for 62 percent of the total cost of sales. Other components are plant insurance, plant maintenance, power plant preventive maintenance schedule, salaries and wages, utilities, and others,” SPNEC elaborated.

Despite the decline, SPNEC raised its revenues from contracts with customers from ₱334 million to ₱335.6 million, driven by Solar Philippines Calatagan Corp.’s (SPCC) commercial rooftop projects and Solar Philippines Tarlac Corp. (SPTC) from electricity sales.

Before the end of the first quarter, SPNEC announced its plans to develop a second solar project in Batangas, following the ongoing developments in the Terra Solar project, which is slated to be the world’s largest solar farm with an integrated energy storage system.

According to Manila Electric Co. (Meralco) Chairman Manuel V. Pangilinan, the company has been discussing land acquisitions in Batangas to set up the solar farm.

SPNEC is a solar power producer owned by Meralco through Meralco PowerGen Corp. (MGen).

Related Tags

SP New Energy Corp. (SPNEC) Manuel V. Pangilinan Manila Electric Co. (Meralco) Meralco PowerGen Corp. (MGen)
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