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Home Business Corporate News First Gen earnings surge by 40%

First Gen earnings surge by 40%

 

FIRST Gen Corp. announced on Thursday a consolidated net income of $307.7 million (P15.65 billion) for the first nine months of the year, higher by 40.9 percent than the $215.5 million (P10.99 billion) recorded in the same period a year ago.

In a disclosure, the Lopez-run firm said consolidated revenues from the sale of electricity touched $1.61 billion (P82.11 billion), up by 10.5 percent from $1.46 billion (P74.46 billion) in 2018, mainly from higher average natural gas prices coupled with improved plant dispatch.

Net income attributable to equity holders of the parent company grew by 45.9 percent to $220.3 million (P11.23 billion) against $151 million (P7.7 billion), primarily from higher contributions of its subsidiaries.

 

“We are pleased to report that First Gen’s thrust of clean, low carbon and renewable power continues to result in laudable earnings for the first nine months of 2019. We fully expect to end the year with milestone earnings,” First Gen President and Chief Operating Officer Francis Giles Puno said.

Energy Development Corp.’s (EDC) net income contribution surged by 32.4 percent to $66 million (P3.36 billion) on higher revenue contributions from the Unified Leyte and Tongonan plants, following their recovery after Typhoon Urduja, as well as higher Wholesale Electricity Spot Market (WESM) prices this year.

EDC’s geothermal, wind and solar revenues accounted for $547 million (P27.9 billion) or 34 percent of the listed firm’s total consolidated revenues.

The natural gas platform gained 7 percent to $151 million (P7.7 billion), while the hydro platform hit $13 million (P66.3 million) because of higher sales to WESM and ancillary services.

First NatGas Power Corp. contributed $13.4 million (P68.3 million), driven by higher generation of 337 gigawatt hours on account of higher dam elevation and irrigation requirements of the National Irrigation Administration.

“As for the country’s first LNG [liquefied natural gas] terminal that will unlock the natural gas industry in the Philippines, JGC Corp. of Japan has been selected as the tenderer for the engineering, procurement and construction of the FGEN Batangas LNG Terminal Project.

JGC is currently completing a study focused on modifying FGEN’s existing jetty that would allow us to receive large and small scale LNG vessels,” Puno said.

“Another major benefit to completing this work is that, given the attractiveness of LNG prices today, it will allow FGEN to bring in a Floating Storage Regasification Unit on an interim basis to enable us to deliver LNG supply earlier,” he added.

First Gen shares inched up 35 centavos or 1.44 percent to close at P24.70 each on Thursday.

 

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