First Gen Corp. booked a 51 percent surge in net income in the first quarter this year reaching $89 million (P4.9 billion) from only $59 million (P3 billion) in the same period last year.
Its natural gas subsidiaries and Energy Development Corp. delivered higher earnings as a result of better operating income only partially offset by higher interest expense.
First Gen said attributed its performance to higher interest income.
Company revenues went up 14 percent to $652 million (P36 billion) from $570 million (P29.1 billion) for the same period in 2022 due to elevated fuel and Wholesale Electricity Spot Market prices as well as an increase in the volume of electricity sales.
“2023 is off to a promising start for First Gen as the portfolio benefits from the strong performance of almost all of its platforms. The awaited LNG (liquefied natural gas) terminal is likewise on its way to commercial operations as we head towards commissioning this quarter,” said Francis Giles Puno, First Gen president and chief operating officer.
First Gen as a group has combined capacity of 3,492 megawatts with a portfolio including natural gas, geothermal, hydroelectric, wind and solar power capacities.
