First Gen recurring earnings up 17% in 2019

By Faye Almazan March 20, 2020
https://www.manilatimes.net/2020/03/20/business/companies/first-gen-recurring-earnings-up-17-in-2019/704518/

First Gen Corp. saw its recurring net income climb by 17 percent last year to P14.8 billion from P12.7 billion in 2018 on the back of its strong clean low carbon and renewable portfolio operations. In a statement, the listed energy company said its newer 420 MW San Gabriel and 97 MW Avion gas plants generated high electricity sales, while its 1,000 MW Santa Rita and 500 MW San Lorenzo “performed steadily.” “From a recurring attributable net income to parent of P9.7 billion ($186 million) in 2018, the gas platform generated P10.1 billion in 2019, an increase of 5 percent,” it added. Net income attributable to equity holders reached P15.4 billion in 2019, up 34 percent from P11.6 billion the year before. First Gen shares fell by P1.60 or 10.06 percent to P14.30 apiece on Thursday.