First Gen Corp. booked a 52 percent increase in recurring net income in the first quarter of the year to $89 million (P4.9 billion) from $59 million (P3 billion) in the same period last year.
The company said its natural gas subsidiaries and Energy Development Corp. delivered higher earnings as a result of better operating income though partially offset by higher interest expenses.
First Gen said the improved performance was also attributed to higher interest income due to high yields from internally generated cash.
Revenues for the period went up by 14 percent to $652 million (P36 billion) from $570 million (P29.1 billion) in the same period in 2022, mainly due to elevated fuel and Wholesale Electricity Spot Market prices as well as an increase in volume of electricity sales.
“2023 is off to a promising start for First Gen as the portfolio benefits from the strong performance of almost all of its platforms. The awaited LNG (liquefied natural gas) terminal is likewise on its way to commercial operations as we head towards commissioning this quarter…,” said Francis Giles Puno, First Gen president and chief operating officer, in a statement. – Jed Macapagal
