Megawide affiliate Citicore Energy REIT Corp. (CREIT) reported a net income of P300 million from January to March, a 12-fold jump from the same period last year.
The country’s first energy REIT said iit began to realize rental income from its renewable assets leased out to solar plant operators during the period.
Gross revenues soared 470 percent to P332 million, largely comprising lease income from various solar plant companies. EBITDA jumped 49 percent to P322 million.
“With an established list of tenants operating in a cycle-resilient industry, CREIT is optimistic in generating recurring green sources of lease revenues, translating to increasing distributable income and attractive dividend yields to our shareholders,” said Oliver Y. Tan, CREIT president and CEO.
Citicore’s aggressive growth pipeline and commitment to support CREIT over the long-term is expected to sustain and even surpass the company’s first quarter performance, Tan said.
He said CREIT would continue beefing up its current asset portfolio to hit its goal of 1,500 megawatts by 2025.
The country’s first energy REIT said iit began to realize rental income from its renewable assets leased out to solar plant operators during the period.
Gross revenues soared 470 percent to P332 million, largely comprising lease income from various solar plant companies. EBITDA jumped 49 percent to P322 million.
“With an established list of tenants operating in a cycle-resilient industry, CREIT is optimistic in generating recurring green sources of lease revenues, translating to increasing distributable income and attractive dividend yields to our shareholders,” said Oliver Y. Tan, CREIT president and CEO.
Citicore’s aggressive growth pipeline and commitment to support CREIT over the long-term is expected to sustain and even surpass the company’s first quarter performance, Tan said.
He said CREIT would continue beefing up its current asset portfolio to hit its goal of 1,500 megawatts by 2025.
SOURCE:Bilyonaryo
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