First Gen profit down 7%

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    First Gen Corp. said profit last year reached P13.7 billion, down 7 percent from the prior year’s P14.73 billion.

    Revenues reached P91.2 billion, down 15 percent from P111.8 billion in 2019.

    The natural gas portfolio accounted for 59 percent of First Gen’s total consolidated revenues. Energy Development Corp.’s geothermal, wind, and solar revenues accounted for 38 percent while the hydro plants accounted for 2 percent.

    The company said its natural gas platform suffered from a 7-percent decrease in earnings at P9.3 billion compared to P10.4 billion in 2019.