First Gen net income down 37%

LOPEZ-OWNED First Gen Corp. reported a consolidated net income of $155.85 million (P7.97 billion) for the first nine months of the year, down 37 percent from $247.32 million in 2016 due to the weaker earnings contributions of its subsidiaries.

First Gen informed the Philippine Stock Exchange (PSE) on Monday that recurring net income attributable to equity holders fell 3.6 percent to $123 million from $127.6 million a year ago, which it attributed to the net loss of subsidiary First NatGas Power Corp. (FNPC) and the lower income contributions of Prime Meridian Powergen Corp. (PMPC) and First Gen Hydro Power Corp. (FG Hydro).