First Gen Corp. said Thursday net income attributable to equity holders of the parent company fell 13 percent in 2015 to $167 million from $193 million it earned in 2014.
First Gen said in a disclosure to the stock exchange subsidiary Energy Development Corp. contributed lower earnings in 2015, given higher extraordinary gains in 2014.
First Gen said that on a recurring basis, First Gen’s attributable net income rose 7 percent to $163 million from $153 million in 2014 as the natural gas-fired plants benefited from higher dispatch and lower expenses, as well as lower interest expenses at the parent company.
“2015 turned out to be a solid year in terms of recurring income. However, our financial results were still below our own expectations driven by the delay in the 97-megawatt Avion and higher expenses incurred at EDC,” First Gen president Francis Giles Puno said.
Puno said this year, First Gen looked forward to completing the 97-MW Avion and the 414-MW San Gabriel power plants.