By Alena Mae S. Flores Posted on May 17, 2013 at 12:01am
First Gen Corp. said Thursday net income in the first quarter rose 11 percent to $55.8 million, or about P2.3 billion, from $50.3 million year-on-year, despite a 5.2-percent decline in revenues.
First Gen attributed the increase in first-quarter earnings to the higher income booked by the 1,500-megawatt First Gas plants following the purchase in May last year of the 40-percent BG Group stake as well as higher sales volume and trading gains from Energy Development Corp.’s geothermal plants and savings from interest expense.
First Gen, however, said consolidated revenues decreased 5.2 percent to $494.6 million in the first quarter from $521.8 million a year ago.
Sta. Rita and San Lorenzo plants in Batangas accounted for $324.3 million, or 65.6 percent of the consolidated revenues, while EDC’s geothermal revenues accounted for $146 million, or 29.5 percent.
First Gen Hydro Power Corp. accounted for $24.1 million, or 4.9 percent of the total consolidated revenues. FG Hydro owns and operates the 132.5-MW Pantabangan-Masiway hydroelectric complex in Nueva Ecija.
“We continue to deliver strong financial and operational results for the first quarter despite the delay suffered by BacMan’s rehabilitation works and the unfortunate landslide at the Unified Leyte site,” First Gen president Francis Giles Puno said in a statement.
“We continue working hard to deliver the commitments we’ve made, especially on BacMan, and we are intent on delivering our growth projects across the platform,” Puno said.
First Gas plants’ revenues were 6.6 percent lower than $347.6 million in the same period in 2012 because of a slight drop in fuel prices and lower dispatch by the gas plants. source
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