MANILA BULLETIN: First Gen income up 17% to USD50.5M
May 19, 2015
Higher earnings posted by its geothermal assets and cash stream from new capacities have propped the net income of Lopez-owned First Gen Corporation by 17 percent to USD50.5 million in the first quarter from last year’s USD42.9 million.
The listed firm has emphasized that the improvement in financial outcome “was due to the higher earnings booked by geothermal subsidiary Energy Development Corporation resulting from its higher revenues.”
It added that “fresh income contributions from the 140MW Bacon-Manito plant, the 150MW Burgos wind project and the 49.4MW Nasulo were (similarly) recognized.”
The relatively normalized level of revenues from its First Gen Hydro Power Corporation had further contributed to its shored up top line and earnings figures.
According to First Gen president Francis Giles B. Puno, their 2015 “is off to a good start” with the probable realization of full revenues from its BacMan and Burgos wind facilities contributing to income.
The company executive has added that “our attention is now focused on bringing Avion to commercial operation in the third quarter so that it can also contribute to our earnings.”
The Avion aeroderivative plant is of 97MW capacity.
The next in the company’s blueprinted projects would be advancing the construction of its 414-megawatt San Gabriel gas-fired power facility – one project that could widen the conglomerate’s base in gas-fed power portfolio.
In line with its keen eye on gas plants, Puno noted that they “eagerly anticipate the government’s plan to bid out gas from Malampaya this year in order to secure additional supply for our growth projects.”