First Gen says LNG projects pushing through despite drop in Jan-Sept recurring income


Posted at Nov 12 2020 12:49 PM

MANILA - Clean energy provider First Gen Corporation (First Gen) is pushing through with its liquefied natural gas (LNG) development despite a decline in recurring net income from January to September this year, the company said.

First Gen said recurring net income fell 12 percent to $190 million in the first three quarters of 2020 from $217 million in the same period in 2019.

But in the third quarter of the year, net income increased to $62.94 million from $54.56 million in the same quarter last year.

“We did see a recovery in power demand this 3rd quarter as conditions eased and we expect this positive trend to continue as the economy slowly recovers from the effects of the lockdowns,” First Gen President and COO Francis Giles B. Puno said.

“First Gen is gaining a lot of positive momentum in developing its LNG platform. We very much appreciate receiving the DOE’s approval of the Permit to Construct, Expand, Rehabilitate and Modify for the construction of an Interim Offshore LNG Terminal (IOT Project) in the First Gen Clean Energy Complex in Batangas last September,” he added.

Majority of revenues came from natural gas, contributing 60 percent.
Others include geothermal, wind and solar plants with 37 percent share, while hydro plants accounted for 2 percent.

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