Lopez-led First Gen Corp. (First Gen) posted a recurring net income of P9 billion in the first semester, up by 30 percent from last year’s P7 billion, due to the strong performance of its subsidiary, Energy Development Corp. (EDC). Know more:
Lopez-led First Gen Corp. posted a recurring net income of P9 billion in the first semester, up by 30 percent from last year’s P7 billion, due to the strong performance of its subsidiary, Energy Development Corp. .
The natural gas portfolio accounted for 63 percent of First Gen’s total consolidated revenues, while 34 percent came from EDC’s geothermal, wind, and solar plants. The company’s hydro plants accounted for the remaining 2 percent.The 1,000 MW Santa Rita and 500 MW San Lorenzo power plants posted lower net incomes as their depreciation costs and interest expenses rose.
EDC’s recurring and attributable earnings at P4 billion was 106 percent higher than its recurring income of P2 billion.
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