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August 31, 2015 5:15 AM ET


Company Overview of Bac-Man Geothermal Inc.

Company Overview

Bac-Man Geothermal Inc. owns and operates the 150-megawatt (MW) Bacon-Manito geothermal power plant which engages in power generation and transmission. The company is based in Philippines. Bac-Man Geothermal Inc. operates as a subsidiary of First Luzon Geothermal Energy Corporation.



Key Executives for Bac-Man Geothermal Inc.

Bac-Man Geothermal Inc. does not have any Key Executives recorded.

Bac-Man Geothermal Inc. Key Developments

Bac-Man Geothermal Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Bac-Man Geothermal Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the period, the company's revenues increased by 110.2% or PHP 499.5 million due to the commercial operations of Bac-Man Units 3, 1 and 2 in 2015 while only Bac-Man Units 3 and 1 operated in 2014. Cost of sales correspondingly increased by 22.8% or PHP 105.4 million. Operating income was PHP 343.4 million against loss of PHP 37.8 million a year ago. Net income was PHP 343.4 million against loss of PHP 37.8 million a year ago.

Manila Electric Co. and Bac-Man Geothermal Inc. Enter Power Supply Agreement of Up to 50 Megawatts

MANILA ELECTRIC Co. (Meralco) and the Lopez-led Energy Development Corp. (EDC) has entered into a power supply agreement (PSA) of up to 50 megawatts (MW) to help meet demand of its customers for the summer months next year. Under the agreement, Bacman Geothermal Inc. (BGI), a unit of EDC, shall supply Meralco with 50 MW of power from the Bacman (Bacon-Manito) power plants over a term of five years, extendible by an additional two years upon mutual agreement of the parties. The Bacman power facility - which straddles Bacon, Sorsogon and Manito, Albay - consists of two 55-MW units and one 20-MW unit. All units of the power asset are running at full capacity, but the first 55-MW unit is scheduled for a shutdown next month to give way for turbine replacement. The power plant unit will return to service on March 20, 2015, just in time for summer.

Bac-Man Geothermal Inc. Reports Unaudited Earnings Results for Nine Months Ended September 30, 2014

Bac-Man Geothermal Inc. reported unaudited earnings results for nine months ended September 30, 2014. For the period, the company reported revenues of PHP 2,146.4 million. Income before income tax was PHP 654.7 million compared to loss before income tax of PHP 147.0 million a year ago. Net income was PHP 655.1 million compared to net loss of PHP 177.2 million a year ago.

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