First Gen 2007 Net Income Up 14% at USD104.7 Million
April 03, 2008

First Gen Corporation (First Gen) reported higher profits in 2007 with net income attributable to parent of USD104.7 million, up by 14 percent compared to 2006. The increase was primarily driven by the increase in net income of its natural gas-fired plants, the full year effect of profits from the 112MW Pantabangan/Masiway Hydroelectric Complex (Pantabangan/Masiway), and one month in earnings from its recent acquisition of a controlling stake in PNOC Energy Development Corporation (EDC). Net income inclusive of minority interests was USD181.8 million.

"We are quite pleased with the 2007 financial and operating results. All of the power plants in the portfolio performed well and delivered numbers beyond our expectations. Pantabangan/Masiway's operations earned the Company USD29 million. The gas plants Santa Rita and San Lorenzo enjoyed the highest dispatch rates among all power plants in the Luzon grid and delivered more electricity this year due to its upgrades. This resulted in a higher combined net income of USD169.1 million. Bauang's dispatch likewise improved in 2007," First Gen President and CEO Federico R. Lopez said.

First Gen's consolidated revenues rose to USD1.1 billion, up by 5 percent. The increase was primarily due to Pantabangan/Masiway's full year operations, EDC's sale of steam and electricity, and sale of additional electricity from Santa Rita and San Lorenzo because of the plants' higher net dependable capacities. Dispatch was again high in 2007 with Santa Rita and San Lorenzo both averaging 81 percent.

In November 2007, First Gen acquired a controlling stake in publicly-listed EDC. With the EDC plants and steamfields now part of the First Gen portfolio, the Company has consolidated the financials of EDC. EDC contributed USD16.7 million in net income to First Gen.


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