First Gen energy sales down 16%

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    First Gen Corp. suffered a 12 percent decline in its recurring net income attributable to equity holders in the first nine months of the year to P9.6 billion from P11.3 billion in the same period in 2019 due to lower earnings from energy sales.

    Likewise, the company’s net income attributable to equity holders for the period decreased by 11 percent to P9.9 billion from P11.5 billion with consolidated revenues from the sale of electricity, dropping by 16 percent to P68.6 billion compared to P84.2 billion in 2019.

    “The growth in power demand understandably did not materialize and it affected power prices. We did see a recovery in power demand this third quarter as conditions eased and we expect this positive trend to continue as the economy slowly recovers from the effects of the lockdowns,” said Francis Giles Puno, First Gen president and chief operating officer.