First Gen net income down 37%

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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).

As a result, it said net income attributable to equity holders of the parent slumped 42 percent to $73 million from $100.8 million a year ago.

Consolidated revenues from the sale of electricity reached $1.28 billion for the first nine months of 2017, up 8 percent from $1.17 billion in the previous year.

The natural gas portfolio accounted for $778 million, or 61 percent of First Gen’s total consolidated revenues.

First Gen said unit Energy Development Corp.’s (EDC) revenues decreased by $37 million primarily because of the shutdown of the Unified Leyte plant shortly after the earthquake that hit Leyte in July.

Excluding FG Hydro, recurring attributable earnings from EDC was barely changed at $69 million in the first three quarters of 2017 as the 140-megawatt (MW) Bacman plant and 150MW Burgos facility bolstered this year’s earnings, First Gen said.

Earnings before income, tax, depreciation, and amortization (EBITDA) declined to $509.34 million from $519.31 million last year.

It said its 420MW San Gabriel Flex Plant posted positive income in the third quarter due to higher electricity prices at the Wholesale Electricity Spot Market (WESM).

“Despite the recent calamities like the Batangas and Leyte earthquakes which negatively affected the operations of our gas plants and our largest geothermal facility, First Gen’s recurring 3Q17 net income only slightly dipped,” First Gen President and Chief Operating Officer Francis Giles Puno said.

First Gen, founded in 1998, is a developer and supplier of renewable energy from natural gas, geothermal energy from steam, as well as hydro, wind, and solar power.

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