First Gen books $393.7 million income in 2020

By Jordeene B. Lagare March 19, 2021
https://www.manilatimes.net/2021/03/19/business/business-top/first-gen-books-393-7-million-income-in-2020/853057/

First Gen Corp. booked a consolidated net income of $393.7 million (P19.6 billion) in 2020 from $414.2 million (P21.5 billion) a year ago as the coronavirus pandemic affected its bottom line.

Consolidated revenues from the sale of electricity declined by 15 percent to $1.8 billion (P91.2 billion) from $2.2 billion (P111.8 billion).

“All of the company’s platforms were affected by the decline in demand brought by the pandemic that resulted in lower power prices,” said the Lopez-led company in a disclosure on Thursday.

First Gen’s natural gas platform sustained a 7-percent decrease in earnings to $187 million (P9.3 billion) from $201 million (P10.4 billion).

Its subsidiary Energy Development Corp. contributed attributable earnings from its geothermal, wind and solar platforms amounting to $106 million (P5.3 billion), 5- percent better than the $101 million (P5.2 billion).

The listed firm’s hydro platform saw its attributable earnings contribution slumped by 90 percent to $1 million (P0.1 billion) from $14 million (P0.7 billion).

“While we are grateful that First Gen was marginally affected by the decline in power demand resulting from the pandemic, we are still looking forward to a better 2021. Not only do we expect the country to climb its way up to recovery, but we are also preparing for this by, among other things, commencing the construction of the country’s first LNG (liquefied natural gas) terminal next month which puts the Company in a good position for expanding its gas portfolio especially after the recent DOE coal moratorium,” First Gen President and Chief Operating Officer Francis Giles Puno said.

Meanwhile, recurring net income attributable to equity holders stood at $252 million (P12.6 billion), down by 11 percent from $284 million (P14.8 billion).

First Gen shares went up by 5 centavos or 0.16 percent to close at P30.85 each on Thursday.