First Gen Corp. of the Lopez Group registered a recurring net income of $217 million (P11.3 billion) in the first nine months of 2019, up 21 percent from $180 million (P9.4 billion) year-on-year.
First Gen’s net income attributable to equity holders, meanwhile, reached $220 million (P11.5 billion), up 46 percent from $151 million (P7.9 billion)on year, on higher electricity sales of clean fuel platforms, foreign exchange gains, lower interest expense and benefits from deferred income taxes.
“We are pleased to report that First Gen’s thrust of clean, low carbon and renewable power continues to result in laudable earnings for the first nine months of 2019. We fully expect to end the year with milestone earnings,” said First Gen president and chief operating officer Francis Giles Puno.
Consolidated revenues from the sale of electricity increased 11 percent to $1.616 billion (P84.2 billion) from $1.462 billion (P76.2 billion) in the same period last year.
First Gen generates its revenues from the operations of 3,492 megawatts of clean and renewable portfolio.
First Gen said its planned liquefied natural gas terminal was expected to further boost operations.
“As for the country’s first LNG Terminal that will unlock the natural gas industry in the Philippines, JGC Corp. of Japan has been selected as the tenderer for the engineering, procurement, and construction of the FGEN Batangas LNG Terminal Project,” said Puno.
“JGC is currently completing a study focused on modifying FGEN’s existing jetty that would allow us to receive large and small scale LNG vessels. Another major benefit to completing this work is that, given the attractiveness of LNG prices today, it will allow FGEN to bring in a Floating Storage Regasification Unit (FSRU) on an interim basis to enable us to deliver LNG supply earlier,” he added.
The natural gas portfolio accounted for 63 percent of First Gen’s consolidated revenues. Natural gas revenues were 10 percent higher in the first three quarters mainly due to increased average natural gas prices coupled with improved plant dispatch.
First Gen’s natural gas-fired power plants delivered increased recurring earnings during the period.