First Gen CorporationFirst Gen Corporation reported net income attributable to equity holders of the parent of $50.5 million for the first quarter ended March 31, 2015.

This was a 17.7%, or $7.6M, increase from the $42.9M registered in the same period in 2014. The growth was primarily due to the higher earnings booked by its geothermal subsidiary Energy Development Corporation (EDC) resulting from its higher revenues. First Gen Hydro Power Corporation likewise posted higher revenues as revenues recorded normalized in the first quarter of 2015.

On a recurring basis, net income attributable to the parent was higher by $4.2M, or 9.3%, from $45.3M in 1Q 2014 to $49.5M in 1Q 2015 due to the higher recurring net income contribution of the geothermal and natural gas businesses.

First Gen’s consolidated revenues from the sale of electricity increased by $43.0M, or by 9.4%, to $500.0M for the first quarter of 2015 from $457.0M for the same quarter last year. The Santa Rita and San Lorenzo natural gas-fired power plants accounted for $308.2M, or 61.6%, of the total consolidated revenues. EDC’s revenues accounted for $166.1M or 33.2%, while FG Hydro’s revenues were $23.5M or 4.7%.

The natural gas-fired plants’ combined revenues were 4.3% higher from the previous year’s $295.5M due to higher electricity generation, though partially offset by lower gas prices. The combined earnings of the plants were $29.6M versus $27.6M in comparison to the same quarter last year.

The earnings contribution of EDC and FG Hydro in the first quarter 2015 both increased to $22.9M and $9.5M, respectively.

“The year is off to a good start. …San Gabriel’s construction is in progress. Our attention is now focused on bringing Avion to commercial operation in the third quarter so that it can also contribute to our earnings. Moreover, we eagerly anticipate the government’s plan to bid out gas from Malampaya this year in order to secure additional supply for our growth projects,” First Gen president Francis Giles Puno said.