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.