by Myrna Velasco November 16, 2015
The slowdown in the financial
performance from its geothermal and hydro assets had pared by 26-percent the
reported net income of Lopez-owned First Gen Corporation to US$120 million in
the first nine months.
Effectively, it had been $43 million
down from last year’s more upbeat profitability of US$163 million.
“The decline was due to lower
earnings contributions from its geothermal and hydro operations,” the company
said, albeit noting that such had been “partially offset by higher earnings
from natural gas plants.”
The Lopez firm has similarly
reported that “recurring net income attributable to parent was $6.0 million
less, or 4.0-percent from US$135 million in the first three quarters of 2014 to
US$129 million in 2015.”
According to First Gen president
Francis Giles B. Puno, they still anticipate the full year profitability of the
company’s geothermal assets to be leaner, but they are setting their eyes on
offset that could be yielded via revenue stream from their Burgos wind farm.
“We expect to end the year with
weaker contributions from our geothermal operations, which will be offset by
improved dispatch from the Burgos wind project with the transmission constraint
addressed,” he stressed.
Puno added that on a forward-looking
basis, they expect their bottom line to be shored up with the targeted entry of
new capacities in their portfolio, such as the 97-megawatt Avion and 414-MW San
Gabriel power projects.
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