Published By
Myrna M. Velasco
Owing it primarily to
the earnings upturn of its gas business segment, the recurring earnings of
Lopez firm First Gen Corporation had been on robust climb of 45 percent to
US$180 million or P9.4 billion within this year’s January to September
financial review period.
That merited US$56
million or P3.2-billion income rise from US$124 million or P6.2 billion in the
same period last year.
On the whole, the
company indicated that attributable net income had also been 50 percent higher
in the three quarters to US$151 million or P7.9 billion vis-à-vis outcome in
the same period last year.
In terms of
consolidated revenues, the Lopez firm logged 14-percent rise or US$184 million
higher to US$1.5 billion from US$1.3-billion level in 2017.
In a statement to the
media, First Gen noted that its gas platform posted surge in earnings –
reaching about US$140 million or P7.3 billion from the year-ago level of US$87
million or P4.4 billion.
On the sphere of
revenues, the company’s gas assets accounted for 63 percent of the total or the
chunk of US$919 million (equivalent P47.9 billion) share in the pie.
The Lopez firm noted
that its newest gas-fired fleet, the 414-megawatt San Gabriel plant, had been
considerably its star performer during the period – with it yielding higher
dispatch and turning in higher revenues both from spot market sales and on its
power supply agreement with Manila Electric Company.
First Gen President and
Chief Operating Officer Francis Giles B. Puno enthused that the San Gabriel
plant “delivers low-cost source of electricity to consumers,” and combatively
qualifying that “contrary to perception, First Gen is clearly proving the price
competitiveness of clean low carbon natural gas-fired power versus more
polluting coal-fired power even at full baseload dispatch.”
The company added
overall financial performance improved due to “lower interest expenses and higher
interest income as a result of the company’s deleveraging initiatives.”
It further emphasized
that “savings in interest expense offset unrealized foreign exchange losses and
higher deferred taxes.”
On the hydro generation
portfolio of the company, chiefly its 132MW Pantabangan-Masiway plant, revenues
had been flattish at US$29 million due to lack of ancillary services sales in
the first quarter of the year, but such had been offset by higher contracted
volume and relatively higher spot market prices.
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