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Energy Development Declines Most in a Week on Profit Fall

March 5 (Bloomberg) -- Energy Development Corp. dropped the most in more than a week after the Philippines’ largest geothermal company said net income fell 86 percent to 615 million pesos last year.

The stock declined 3.5 percent to 5.20 pesos at 9:59 a.m. in Manila trading, set for its sharpest fall since Feb. 24. The company traced the profit drop to a write-off and forgone steam sales, according to an e-mailed statement yesterday.

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To contact the reporter on this story: Norman P. Aquino in Manila at naquino1@bloomberg.net

To contact the editor responsible for this story: Cecilia Yap at cyap19@bloomberg.net

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