Solar energy developer Raslag of businessman Peter Nepomuceno posted lower earnings in the nine months as a result of non-recurring initial public offering (IPO) related expenses amounting to P38.5 million.
In a stock exchange filing, Raslag said net income declined by 22 percent to P85.9 million even as revenue jumped to P275 million from P224.8 million due to higher energy sold following the commencement of RASLAG-3 operations last July 7.
Raslag said its other operating expenses increased due to nonrecurring IPO related expenses such as financial advisory fees, fees to independent auditor, documentary stamp tax and other miscellaneous expenses.
Raslag made its debut on the Philippine Stock Exchange last June following a successful IPO.
Raslag said it maintains a prudent financial policy and has a healthy balance sheet to support its financial and operational requirements.