First Gen net income up 11 pct for first 3 quarters of 2021

ABS-CBN News

Posted at Nov 15 2021 12:38 PM

MANILA - The Lopez Group's First Gen Corp said Monday its recurring net income attributable to equity holders reached P10.3 billion in the first 9 months of the year.

The total is an 11 percent improvement compared to the P9.6 billion from the same period last year, the company told the stock exchange.

This is due to higher electricity sales led by its 97MW Avion natural gas-fired power plant supplemented by lower interest expenses and taxes due to the recently signed CREATE Law, it said. 

Consolidated revenues from the sale of electricity in the first 9 months of the year reached P78.1 billion, up 18 percent compared to the P68.6 billion in the first 3 quarters of 2020, it said. 

"Our clean and renewable energy platforms generated higher revenues for the nine months of 2021 as power demand recovered to pre-pandemic levels. Revenue growth also reflected the higher fuel commodity prices experienced all over the world.," First Gen President and COO Francis Giles Puno said.

"We likewise witness our gas-fired plants increasingly running on liquid fuel due to gas supply restrictions from the Malampaya field. We expect to address this volatility and uncertainty once our LNG import terminal operates in the last quarter of next year," he added.

The company earlier said it would begin construction of its LNG terminal earlier this year.

The Lopez-led power producer utilizes clean sources such as natural gas, geothermal energy from steam, hydroelectric, wind and solar power. It has 3,495MW of installed capacity in its portfolio.

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