First Gen Q1 recurring profit drops 11% to $45M

LOPEZ-LED First Gen Corp. reported on Tuesday an 11-percent drop in recurring profit for the first quarter of this year as seasonally softer prices on the Wholesale Electricity Sport Market (WESM) meant lower revenues for its merchant power plants.

The renewable energy producer said net income attributable to equity holders of the parent fell to $45 million in the first quarter from $51 million in the same period last year. Attributable net income was $41 million in the quarter, which was $17 million lower from a year ago.