Energy Factors’ Profit Hits $3.6 Million in Year

Energy Factors Inc. reported net income of $3.6 million for 1984, its first full year of operation. The previous year, when Energy Factors was founded, largely for the purpose of acquiring the Applied Energy subsidiary of San Diego Gas & Electric Co., the company reported net income of $641,000.

Revenue reached $24.8 million last year, compared to $5.5 million in 1983.

For the quarter, Energy Factors reported net income of $1.1 million, compared to $865,000 the prior year. Revenue increased to $7.1 million from $5.4 million in the like period the year before.

Energy Factors operates several cogeneration plants, which produce electricity as well as steam for industrial uses. It also owns two plants that produce chilled water for air conditioning office buildings.

The company said increased revenue and income resulted in part from the unusually cool temperatures in the San Diego area this winter, which caused a greater demand for steam.