First Gen earns 36% more in 6 months

MANILA, Philippines — First Gen Corp. (First Gen), the listed energy company of the Lopez Group, reported a net income of $156 million or P8.2 billion in the first half, up 36 percent year-on-year.

Consolidated revenue from the sale of electricity increased by 15 percent to $1.1 billion or P58.1 billion.

First Gen’s Energy Development Corp. delivered recurring earnings from its geothermal, wind, and solar platform of $49 million or P2.6 billion.

All four of First Gen’s natural gas-fired power plants delivered increased recurring earnings.

“While the two older plants, — the 1,000 MW Santa Rita and the 500 MW San Lorenzo — benefitted from lower operating expenses, the two newer gas plants — the 420 MW San Gabriel and the 97 MW Avion — generated higher electricity sales from their respective customers,” First Gen said.

The gas platform generated $105 million (P5.5 billion) in the first half, up 19 percent.

First Gen’s focus on clean, low carbon and renewable energy continues to pay off as first semester results overtook last year’s.

“For the remainder of the year, we expect all the platforms to continue to deliver stable earnings,” First Gen president and chief operating officer Francis Giles Puno said.

The company continues to work on the development of the country’s first LNG terminal.

Meanwhile, Lopez Holdings Corp.,  the listed holding company of the Lopez family, reported a net income of P4.18 billion in the first half, up 99.7 percent.

“The steady performance of the energy group under associate First Philippine Holdings Corp. as well as the strong recovery of investee ABS-BCN Corp. accounted for the results,” Lopez Holdings said.

Consolidated revenue grew 16 percent to P67.9 billion.