First Philippine Holdings Corporation’s consolidated net income attributable to parent for the first quarter ended March 31, 2014 decreased by 42% to P1.0 billion from P1.8B in 2013, driven mainly by the decrease in the net income of First Gen Corporation on higher finance costs and expenses on new projects, and Energy Development Corporation’s higher operating expenses and foreign exchange losses.
However, these were partly offset by the increase in earnings contribution of First Gas Power Corporation (FGPC) on higher revenues from capacity and fixed O&M charges; and FGP Corporation on higher gross margin as a result of a thermal performance upgrade.
Rockwell Land Corporation posted a net profit of P254M, up by 18% from last year’s P216M, driven mainly by the growth in earnings generated from The Proscenium and The Grove 2 and 3 projects. 53 Benitez, its first mid-rise development project launched last July 2013, also contributed to the improvement of the company’s year-on-year net income. On the commercial leasing segment, retail and office leasing operations grew on rental escalation, new and better performing tenants and a higher occupancy rate.
First Philippine Industrial Park Inc.’s revenue grew by 23% year-on-year; however, net income was flat at P21M, brought about by higher operating expenses.
First Balfour Inc. meanwhile registered a net income of P110M, significantly higher than last year’s income of P61M.
The electrical manufacturing business made a significant improvement in its bottom line due to the higher sales volume of transformers, as well as business transformation initiatives in its manufacturing plant. On the solar sector, hearings finally took place early this year, and the tribunal’s final decisions are expected come in the latter part of this year. (Hazel Velasco)