Business World Online
Posted on March 28, 2011 10:08:26 PM
LOPEZ-LED First Gen Corp. profits grew by nearly a third in 2010 due to higher earnings from its gas plants and lower interest expenses for its loans, the energy company said in a statement yesterday.
First Gen said its consolidated net income rose 27% to $121 million last year after revenues jumped by roughly a fifth to $1.2 billion.
Meanwhile, its attributable net income to its parent company First Philippine Holdings Corp. for 2010 is $70.2 million, up 319% from last year’s $16.7 million.
“The reliable dispatch of First Gas’ 1,000-megawatt Santa Rita and 500-megawatt San Lorenzo natural gas-fired power plants were the main contributors to the increase in revenues from the sale of electricity…,” First Gen said, referring to the two independent power producers that provide power to distribution utility Manila Electric Co.
Plants of the First Gas group delivered “stable” earnings worth $130.1 million, the company said. Higher gas prices drove the revenue growth more than the improvement in volumes sold, Estela B. De La Paz, First Gen associate vice-president for corporate communications, said in a text message.
First Gen Hydro Power Corp., another subsidiary, for its part contributed $9.9 million last year to First Gen’s earnings from $1.5 million in 2009.
Energy Development Corp., the country’s largest operator of geothermal plants, also provided higher earnings in 2010 to First Gen of $52.5 million versus $31 million the year previous.
“These developments were complemented by the positive effects of the company’s deleveraging program,” First Gen added.
First Gen’s total debt reportedly fell by a tenth to $1.1 billion last year after paydowns, resulting in lower interest expenses. Such expenses cost the company $104.2 million last year versus $112.1 million in 2009. First Gen share prices closed at P12.20 apiece yesterday, up 1.33% from Friday. -- ENJD
Meanwhile, its attributable net income to its parent company First Philippine Holdings Corp. for 2010 is $70.2 million, up 319% from last year’s $16.7 million.
“The reliable dispatch of First Gas’ 1,000-megawatt Santa Rita and 500-megawatt San Lorenzo natural gas-fired power plants were the main contributors to the increase in revenues from the sale of electricity…,” First Gen said, referring to the two independent power producers that provide power to distribution utility Manila Electric Co.
Plants of the First Gas group delivered “stable” earnings worth $130.1 million, the company said. Higher gas prices drove the revenue growth more than the improvement in volumes sold, Estela B. De La Paz, First Gen associate vice-president for corporate communications, said in a text message.
First Gen Hydro Power Corp., another subsidiary, for its part contributed $9.9 million last year to First Gen’s earnings from $1.5 million in 2009.
Energy Development Corp., the country’s largest operator of geothermal plants, also provided higher earnings in 2010 to First Gen of $52.5 million versus $31 million the year previous.
“These developments were complemented by the positive effects of the company’s deleveraging program,” First Gen added.
First Gen’s total debt reportedly fell by a tenth to $1.1 billion last year after paydowns, resulting in lower interest expenses. Such expenses cost the company $104.2 million last year versus $112.1 million in 2009. First Gen share prices closed at P12.20 apiece yesterday, up 1.33% from Friday. -- ENJD
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