First Gen revenues rise 11%

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    First Gen Corp. booked a 21 percent jump in its recurring net income attributable to equity holders for the first nine months of the year as it reached $217 million (P11.3 billion) from $180 million (P9.4 billion) attributed to the operations of its renewable energy portfolio.

    The company’s net income attributable to equity holders for the period was 46 percent better at $220 million (P11.5 billion) from $151 million (P7.9 billion) due to higher electricity sales, foreign exchange gains, lower interest expense and benefits from deferred income taxes.

    First Gen’s consolidated revenues also increased by 11 percent to $1.6 billion (P84.2 billion) compared to the previous $1.4 billion (P76.2 billion), mainly contributed by the 63 percent share of the natural gas portfolio.

    Subsidiary Energy Development Corp. (EDC) contributed recurring earnings from its geothermal, wind, and solar platform of $67 million (P3.5 billion) during the period.

    Geothermal plants performed better due to lower outages and higher average selling prices.

    The company’s natural gas-fired power plants delivered increased recurring earnings for the period as it generated a recurring attributable net income to parent of $151 million (P7.9 billion) as earnings of its merchant plant enjoyed higher dispatch and higher selling prices in the spot market.

    Its hydro platform continued to perform positively with a recurring earnings contribution at $13 million (P700 million) for the period also attributed to higher sales in the spot market.