First Philippine Holdings Corporation (FPH) reported net income attributable to equity holders of the parent of P8.1 billion, an increase of P1.8 billion or 29% from P6.3 billion during the same period in 2022.
This mainly reflects the robust operating results of the group’s power generation segment and the leasing business of the real estate business segment, but partly reduced by the lower earnings contribution of the construction and energy solutions sectors.
Excluding FPH’s share in nonrecurring items, recurring net income attributable to equity holders of the parent grew by P1.7 billion or 26%, from P6.4 billion to P8.1 billion.
Consolidated revenues for the six months ended June 30, 2023 grew by P5.7 billion or 7%, from P78.4 billion to P84.1 billion. Sale of electricity rose by P5.5 billion or 8%, from P65.7 billion to P71.2 billion, primarily driven by the stronger revenues delivered by the geothermal, wind and solar platforms, supplemented by the improved topline of the San Lorenzo and San Gabriel natural gas plants.
Revenues from contracts and services increased by P485 million or 10%, from P4.9 billion to P5.4 billion, mostly reflecting the higher recurring revenues reported by Rockwell Land and First Philippine Industrial Park (FPIP) from their respective leasing businesses, driven by the higher lease rates of the commercial leasing segment of Rockwell Land and supplemented by the improved revenues of FPIP from its ready-built factory leasing business following the increase in total leased area.