LOPEZ-LED First Gen Corp. reported on Friday that its attributable net income in 2017 was lower from the previous year due to the effects of debt refinancing, the partial buyback of bonds, and costs related to natural calamities.
In a disclosure, the listed company said attributable net income last year was $134 million (P6.96 billion), down by $29 million from the previous year, due to the one-time effect of break funding costs (or prepayment penalty) incurred due to a $500 million refinancing of the 1,000-megawatt (MW) Santa Rita Combined Cycle Power Plant’s long-term debt last May, premiums paid for First Gen and Energy Development Corp.’s (EDC) partial buyback of their respective US dollar-denominated bonds, and expenses related to natural calamities.
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