Raslag’s net income slips 31% to nearly P30M

RENEWABLE energy firm Raslag Corp. posted a 31.2% decrease in its attributable net income in the second quarter to P29.70 million from P43.15 million last year.

In a disclosure to the stock exchange, the company reported a 0.5% jump in revenues to P85.11 million for the quarter from P84.67 million in the same period last year.

In the first six months, the company’s attributable net profit fell by 24.3% to P51.93 million from P68.56 million due to non-recurring expenses related to its initial public offering (IPO).

Year-to-date revenues increased by 6.9% to P164.01 million from P153.48 million, which it attributed to an increase in energy sold to 401,638 kilowatt-hours.

The company said that its operating expenses increased by P25.1 million due to non-recurring IPO-related expenses such as financial advisory fees, fees to an independent auditor, and other miscellaneous expenses.

Tax expense also grew 53% to P12.7 million from P8.3 million, driven by non-recurring IPO-related expenses such as registration with the Securities and Exchange Commission and filing of fees.

On Monday, Raslag shares closed unchanged at P1.88 each on the stock exchange.