Manila Standard Today
First Gen Corp., owned by the Lopez Group, reported on Wednesday a net income of $92.8 million in the first six months of the year, a turnaround from a net loss of $16 million year-on-year on solid earning contributions from operations.
First Gen said in a disclosure to the Philippine Stock Exchange consolidated revenues rose $132.8 million, or 21 percent, to $776.7 million in the first semester from $643.9 million on year.
Affiliate Energy Development Corp. contributed $40.3 million in earnings for the period ended June 30 from a loss last year after the impairment of the 49-megawatt Northern Negros geothermal plant.
Energy Development’s Green Core Geothermal Inc., owner of the 305-MW Palinpinon-Tongonan geothermal power plants, enjoyed the benefits of the price adjustments of power supply contracts.
Their revenues combined with the strong performance of First Gen Hydro Power Corp.’s 132-MW Pantabangan-Masiway hydroelectric power plants.
First Gen owns 40 percent of the hydroelectric plant while Energy Development owns 60 percent. source
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