First Philippine HoldingThe First Philippine Holdings Corporation Group reported a net income attributable to equity holders of the parent of P8.8 billion for the nine months ended September 30, 2016, an increase of P5.1B or 137%, from last year’s P3.7B, reflecting the growth in earnings from subsidiaries as well as the decrease in operating expenses and finance costs incurred by the parent.

The company also reported a consolidated net income of P15.0B for the same period in 2016, an increase of P6.4B or 75% from last year’s P8.6B.

This was primarily due to stronger margins on the sale of electricity, First NatGas Power Corporation’s receipt of the P2.2B (P1.7B after tax) liquidated damages paid by its contractor for delays in the construction of the San Gabriel plant, and First Philec’s and First Philec Solar Corporation’s (FPSC) receipt of arbitration settlement proceeds amounting to P2.4B.

Also contributing to the uptick were income amounting to P255 million recognized by FPSC from the final settlement of its outstanding payables to third parties at only 45% and a P636-M decline in foreign exchange loss in addition to a P437-M increase in dividends received by the parent and First Philippine Utilities Corporation from Meralco.