FIRST Philippine Holdings Corporation (FPH) reported net income attributable to equity holders of the parent for the quarter ended March 31, 2023 of P4.3 billion, up by P1.0 billion or 32%, from P3.3 billion in 2022.

This mainly reflects the stronger revenues and operating results of the power generation and real estate business segments, partly reduced by the lower earnings contribution of the construction and energy solutions sectors.

Excluding FPH’s share in nonrecurring items mainly pertaining to proceeds from insurance claims, foreign exchangerelated movements, provision for asset impairment and pandemic-related expenses, the recurring net income attributable to equity holders of the parent grew by P1.2 billion or 39% from P3.2 billion to P4.4 billion.

The FPH Group’s consolidated revenues totaled P42.5 billion, higher by P7.4 billion or 21% compared to 2022.
Sale of electricity rose by P6.9 billion or 24%, from P29.1 billion to P36.0 billion) and accounted for 85% and 83% of total revenues for 2023 and 2022, respectively.

Revenues from contracts and services, on the other hand, were higher by P643 million or 24%, from P2.6 billion to P3.2 billion, and accounted for 8% of total revenues for both periods. The increase reflects the incremental construction revenues from First Balfour’s ongoing major projects, primarily from the Batangas Combined Cycle Power Plant and Hermosa-San Jose OTL projects, higher average rental and occupancy rates of Rockwell Land’s commercial leasing’s retail and office segments, and First Philippine Industrial Park’s higher recurring earnings from leasing of industrial land and ready-built factories on the back of the increase in total leased area.

Sale of merchandise was lower by P79 million or 7%, from P1.1 billion to P1.0 billion, and accounted for 2% and 3% of total revenues for 2023 and 2022, respectively. This was largely on account of First Philec’s lower sales volume of electrical transformers partly tempered by the growth in sales of new products.