First Philippine Holdings CorporationFirst Philippine Holdings Corporation (FPH) posted an attributable recurring net income (RNI) of P6.8 billion, higher by P900 million or 15% versus last year’s P5.9 billion, for the year ended December 31, 2017. The growth was driven by the stronger recurring earnings from the energy, real estate and manufacturing sectors.
Despite higher RNI, net income attributable to FPH decreased by P4.0 billion, or 41%, to P5.9 billion in 2017 from last year’s P9.9 billion on account of FPH’s share in oneoff losses related to the First Gen group’s debt prepayments in contrast with the nonrecurring gains recognized last year mainly arising from San Gabriel’s liquidated damages and First Philec’s arbitration settlement.
The FPH group's total revenues increased by P13.0 billion, or 14%, from P91.9 billion in 2016 to P104.9 billion this year. This was primarily driven by the higher revenues from sale of electricity following the full-year contributions of the Avion and San Gabriel gas plants, and from the real estate business on account of higher completion and sales booking of the projects of Rockwell Land.