Manila's Transco says surpasses 2004 profit goal
Wednesday, December 15, 2004
MANILA, Dec 13 (Reuters) - National Transmission Corp. (Transco), which runs the Philippine power grid being privatised by the government, said on Monday it had beaten its 2004 profit goal of 15.6 billion pesos ($277.1 million) as of September.
Transco, spun off to own and operate the transmission business of debt-laden National Power Corp. (Napocor), had net income of 15.3 billion pesos in 2003.
"We are above our 15.6-billion-peso target for net income months before the year even ends," Transco President Alan Ortiz told reporters.
"There is more economic activity. We also did not have any major disturbances or power outages."
Transco has around $2 billion in assets.
The Philippines plans to privatise Transco and dozens of Napocor generation plants to cut its huge budget deficit and attract private investors to the creaking power sector.
The auction, forecast by Manila to raise up to $5 billion, is also seen as a litmus test for the government's pledge to reform the economy. Napocor has debts of about $23 billion, or nearly a third of the nation's gross domestic product. ($1=56.3 pesos)
posted by philpower @ 11:40 AM,
