Philippines:

EDC income drops 86% to P615M‏ (zambotimes)

Geothermal leader Energy Development Corporation (EDC) posted a cumulative net income of P615 million in 2011, down by 86 percent from P4.4 billion declared the previous year.

In a statement, EDC said the non-cash impairment of P5.1 billion taken during the year on the Northern Negros Geothermal Project (NNGP) was the major contributor to the substantial decline in the company’s net income.

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