MANILA, May 18 (PNA) — First Gen Corporation’s net income for the first quarter of 2015 has grew to US$ 50.5 million, an increase of 18 percent from 2014’s US$ 42.9 million.
”First Gen Corporation reported net income attributable to equity holders of the parent of US$ 50.5 million for the first quarter ending March 31, 2015. This was a 17.7 percent or US$ 7.6 million increase from the US$ 42.9 million registered in the same period in 2014,” the company said in a disclosure with the Philippine Stock Exchange (PSE) Monday.
First Gen said the boost was mainly driven by earnings from its geothermal projects under its subsidiaries Energy Development Corporation (EDC) and First Gen Hydro Power Corporation (FG Hydro).
”EDC’s revenues accounted for US$ 166.1 million or 33.2 percent, while FG Hydro’s revenues were US$ 23.5 million or 4.7 percent,” it said.
First Gen’s consolidated revenues from energy sales, also went up to US$ 500 million from US$ 457 million at a growth rate of 9.4 percent.
Among the three gas plants of First Gen, Santa Rita and San Lorenzo contributed 61.6 percent to the sales at US$ 308.2 million.
Its total earning for the natural gas plants amounted to US$ 29.6 million compared to US$ 27.6 million last year.
On the other hand, First Gen Hydro’s revenues soared from last year’s US$ 19 million to US$ 23.5 million, while contributing earnings to First Gen at US$ 9.5 million.
Also increasing revenues are EDC’s 140 Megawatt (MW) Bacon Manito power plant, the 150 MW Burgos wind project and the 49.4 MW Nasulo hydro plants. Its drawn earnings are US$ 22.9 million.
EDC’s geothermal and wind project brought in revenues of US$ 166.1 million for the first quarter than last year’s US$ 140.5 million.
Its net income attributable to the parent also went up to US$ 49.5 million from US$ 45.3 million during the first quarter of 2014.
First Gen President Francis Giles Puno said that 2015 is a good start for the company, with the start of commercial operations of the 150 MW Burgos Wind Farm, the operations of the BacMan power plant, Avion’s commercial operations by the third quarter and San Gabriel’s nearing construction.
He also noted the firm is anticipating the bidding for the Malampaya gas this year to secure additional fuel supply for their projects. (PNA)