First GenFirst Gen Corporation started the first quarter of 2021 with P3.8 billion ($78 million), a 21% improvement in recurring net income attributable to equity holders from the operations of its 3,495-megawatt (MW) clean, low-carbon and renewable portfolio.
The company benefited from new contracts as well as lower operating and interest expenses. First Gen had P3.3 billion ($65 million) in recurring earnings from the same period in 2020.
“The year 2021 is looking to be a better year, although we recognize that the recent surge and newly imposed lockdowns have made recovery slower. Nonetheless, we want to move forward and work on projects that will support the economy and increase employment,” First Gen president and COO Giles Puno said.
He added: “The construction of the country’s first LNG [liquefied natural gas] terminal is underway and, at First Gen, we are studying our roster of growth projects so that they can be ready by the time our country has recovered.”
The natural gas platform delivered a 35% increase in recurring earnings for 1Q21 to P2.5 billion ($52 million) from P2.0 billion ($39 million) in 1Q20. From an attributable net income to parent of P2.0 billion ($39 million) in the first 90 days of 2020, the gas platform increased to P2.8 billion ($57 million) for 1Q21.
Energy Development Corporation (EDC) contributed recurring attributable earnings from its geothermal, wind and solar platform amounting to P1.3 billion ($27 million) in 1Q21, 4% higher in comparison to the P1.3 billion ($26 million) it earned in 1Q20.
The renewable company incurred higher attributable net income to parent of P1.3 billion ($27 million) for the first three months of 2021, while it generated P1.3 billion ($26 million) for the same period in 2020.
The hydro platform’s recurring earnings contribution, meanwhile, stayed the same at P0.2 billion ($5 million) for 1Q21. Attributable earnings in 1Q21 were the same at P0.2 billion ($5 million).
First Gen’s consolidated revenues from the sale of electricity in 1Q21 was almost flat at P23.2 billion ($483 million), a 0.3% movement of P1.2 billion ($1 million) from P24.4 billion ($481 million) in the first quarter of 2020.
The natural gas portfolio accounted for 55% of First Gen’s total consolidated revenues. EDC’s geothermal, wind and solar revenues accounted for 40% of First Gen’s total consolidated revenues in 1Q21. The hydro plants accounted for 5% of First Gen’s total consolidated revenues.