Lopez-led First Gen Corp. reported a net income attributable to equity holders of the parent amounting to $167 million for 2015, a 13-percent decrease, or $26 million, from $193 million in 2014.
In a disclosure to the local bourse, the firm noted that the decrease was caused by lower earnings from its subsidiary Energy Development Corp. (EDC) compared with its record gains in 2014.
First Gen’s attributable net income, however, rose 7 percent to $163 million from $153 million in 2014, on higher capacity output and lower expenses from its natural gas-fired power plants.
Its consolidated revenues from electricity sales fell to $1.84 billion last year from $1.90 billion in 2014.
First Gen said its Santa Rita and San Lorenzo natural gas-fired power plants contributed 59 percent of its total revenues, amounting to $1.08 billion.
The power firm noted the revenues of the two power plants were lower by 11 percent from their 2014 contribution of $1.20 billion, reflected by lower fuel charge but was offset by their higher dispatch of 81 percent from 70 percent in 2014.
The recurring earnings contribution of the natural gas-fired power plants, on the other hand, went up by $11 million to $118 million in 2015. It was caused by higher capacity dispatch and lower interest expenses.
Renewable energy developer EDC, meanwhile, had a share of $709 million, or 39 percent, to First Gen’s total earnings.
First Gen Hydro Power Corp. also had a share of 2 percent, or $42 million, higher by $5 million in 2014, for the parent firm’s earnings.
Its recurring earnings contribution also decreased to $8 million from $12 million incurred by the expiration of its income tax holiday in April 2014.
First Gen president Francis Giles Puno stressed 2015 was still “a solid year” for its recurring income.
The president, however, said the earnings was affected by the delay in the operations of its 97- megawatt (MW) Avion and 414-MW San Gabriel power plants.
Puno said the expected commercial operations of the two plants this year would help stabilize the supply tightness of Luzon grid for the dry months.
“In 2016, we look forward to completing Avion and the 414-MW San Gabriel power plants at an opportune time when tightness of supply is forecast. We will provide clean and lower carbon induced energy to the market at competitive rates,” he said.