First Gen LogoFirst Gen Corporation reported recurring attributable net income of the parent of $156 million (P8.2 billion) in the first semester of 2019. This was a 36% or $41 million (P2.3 billion) jump from its $115 million (P5.9 billion) in earnings from the same period in 2018.
Energy Development Corporation (EDC) delivered recurring earnings from its geothermal, wind and solar platform of $49 million (P2.6 billion) in the first half of 2019, better by $16 million (P0.9 billion) in comparison to $33 million (P1.7 billion) in 2018.
First Gen’s natural gasfired power plants delivered increased recurring earnings. While the two older plants— the 1,000-megawatt (MW) Santa Rita and the 500- MW San Lorenzo—benefited from lower operating expenses, the two newer gas plants—the 420-MW San Gabriel and the 97-MW Avion—generated higher electricity sales from their respective customers. From a recurring attributable net income of the parent of $88 million (P4.6 billion) in the first semester of 2018, the gas platform generated $105 million (P5.5 billion) for the same period in 2019 which was an increase of 19%.
The hydro platform likewise came in higher by $8 million (P0.4 billion) at $13 million (P0.7 billion) for the period as it gained from higher sales to the Wholesale Electricity Spot Market (WESM) and ancillary services.
First Gen’s net income attributable to equity holders in the first semester of 2019 was $166 million (P8.7 billion). This was $81 million (P4.3 billion) or 95% better than the earnings in the first semester of 2018 of $85 million (P4.4 billion) due to the higher electricity sales of its natural gas, geothermal and hydro platforms, foreign exchange gains and benefits from deferred income taxes.
First Gen’s consolidated revenues from the sale of electricity increased by $146 million (P8.5 billion), or 15% million to $1,109 million (P58.1 billion), compared to $963 million (P49.6 billion) in the first semester of 2018. The natural gas portfolio accounted for $692 million (P36.2 billion), or 62% of First Gen’s total consolidated revenues.
EDC’s geothermal, wind and solar revenues accounted for $374 million (P19.6 billion), or 34% of total consolidated revenues. From $315 million (P16.2 billion) in the first six months of 2018, EDC’s revenues improved by $59 million (P3.4 billion).
First Gen Hydro Power Corporation delivered better revenues by $10 million (P0.5 billion), or 43% higher to $33 million (P1.7 billion).
“First Gen’s focus on clean, low-carbon and renewable energy continues to pay off as our first semester results overtake last year’s. For the remainder of the year, we expect all the platforms to continue to deliver stable earnings,” First Gen president and COO Giles Puno said.