First Gen H1 income down 13% to P6.6B

FIRST Gen Corp. reported a 13-percent reduction in recurring net income in the first half of 2022 to P6.6 billion from P7.1 billion in 2021, primarily due to lower operating income from its natural gas and geothermal business units.

In a disclosure, Francis Giles Puno, First Gen president and chief operating officer, said First Gen's first-half earnings were affected by fuel availability issues that specifically affected the company's natural gas, geothermal and wind plants.