First Gen’s profit falls to $167m

posted March 17, 2016 at 11:15 pm by Alena Mae S. Flores
http://thestandard.com.ph/business/201964/first-gen-s-profit-falls-to-167m.html

First Gen Corp. said Thursday net income attributable to equity holders of the parent company fell 13 percent in 2015 to $167 million from $193 million it earned in 2014.

First Gen said in a disclosure to the stock exchange subsidiary Energy Development Corp. contributed lower earnings in 2015, given higher extraordinary gains in 2014.

First Gen said that on a recurring basis, First Gen’s attributable net income rose 7 percent to $163 million from $153 million in 2014 as the natural gas-fired plants benefited from higher dispatch and lower expenses, as well as lower interest expenses at the parent company.

“2015 turned out to be a solid year in terms of recurring income. However, our financial results were still below our own expectations driven by the delay in the 97-megawatt Avion and higher expenses incurred at EDC,” First Gen president Francis Giles Puno said.

Puno said this year, First Gen looked forward to completing the 97-MW Avion and the 414-MW San Gabriel power plants.