By:
Ronnel W. Domingo / 05:18 AM November 16, 2018
First Gen Corp. saw its
net income jump 38-percent year-on-year in the first nine months of 2018 to
$215 million, thanks to its newest gas-fired power plant and debt management
efforts.
First Gen said in a
statement it also saw improved recurring net income attributable to equity
holders of the parent at $180 million, a 45-percent rise from $124 million.
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Further, the company’s attributable net income in the first three quarters was
50 percent higher at $151 million.
In particular, First
Gen’s natural gas-based business put in recurring earnings of $140 million, 61
percent better than the previous $87 million.
The 420-megawatt San
Gabriel power plant alone, First Gen’s newest and most modern generator asset,
was boosted by markedly higher dispatch and revenues.
First Gen also
benefited from lower interest expenses and higher interest income, which
resulted from its deleveraging initiatives.
According to First Gen,
savings in interest expense likewise offset unrealized foreign exchange losses
and higher deferred taxes.
“We are pleased to
report that First Gen’s sizable investment in new capacity with the modern San Gabriel
plant started serving the power needs of Meralco’s customers in the third
quarter of 2018,” First Gen president and chief operating officer Francis Giles
B. Puno said.
“We are happy to report
that San Gabriel delivers a low-cost source of electricity to Filipino
consumers,” Puno said. “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.”
In the renewable energy
segment, subsidiary Energy Development Corp.’s (EDC) geothermal, wind and solar
revenues rang in at $476 million, 9-percent better year-on-year.
Such
performance was primarily driven by the full recovery of the Unified Leyte
plants after the impact of Typhoon “Urduja,” which resulted in higher sales
volume.
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