By Danessa Rivera (The
Philippine Star) | Updated May 18, 2016 - 12:00am
MANILA, Philippines – First Gen
Corp. grew its net profits over a fifth in the first three months of 2016 on
the back of higher earnings contribution from its gas-fired power plants and
its major subsidiary.
In a disclosure to the Philippine
Stock Exchange, the Lopez-owned power firm reported a net income of $61 million
for the first quarter of the year, up 21 percent from the $50 million in the
same period last year.
The firm attributed the growth in
income to higher earnings contribution from its 1,500-megawatt (MW) Santa Rita
and San Lorenzo natural gas-fired plants (First Gas Plants) and of subsidiary
Energy Development Corp. (EDC).
The higher income contribution of
First Gas plants was due to higher combined dispatch lower operating, interest
and tax expenses.
On a recurring basis, First Gen said
core net income slightly increased from $49 million to $51 million due to the
First Gas plants and EDC’s higher dispatch and lower costs.
However, these were partially offset
by First Gen’s higher interest expense arising from its $200-million term loan
in 2015 and First Gen Hydro Power Corp.’s lower earnings contribution due to
lower average spot market prices.
Meanwhile, revenues from the sale of
electricity decreased from $500 million to $420 million.
The First Gas plants accounted for
54 percent of total or $229 million, EDC with 40 percent or $168 million, and
FG Hydro with five percent or $21 million.
“We remain committed to provide
clean, affordably-priced and lower carbon-sourced energy to the growing needs
of the Filipino consumer,” First Gen president and COO Francis Giles Puno said.
Currently, the firm is completing
its 97-MW Avion and the 414-MW San Gabriel gas-fired power plants in Batangas.
“The delivery of the 97-MW Avion and
the 414-MW San Gabriel power plants are imminent. They have been commissioning
since the early part of 2016 and have been able to serve the tightness in the
market, especially during mid-merit to peaking hours,” Puno said.
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