First Gen Corp. said Thursday it posted P13.7 billion ($276 million) in net income attributable to equity holders, down 7 percent from P15.4 billion ($296 million) in earnings in 2019 from the operations of 3,492 megawatts of clean, low-carbon, and renewable portfolio.
First Gen’s recurring net income attributable to equity holders in 2020 reached P12.6 billion ($252 million) or 11 percent less than the 2019 earnings of P14.8 billion (US$284 million) because of lower electricity sales across all platforms.
First Gen said consolidated revenues from the sale of electricity in 2020 declined by P20.6 billion ($321 million) or 15 percent to P91.2 billion ($1.83 billion) from P111.8 billion ($2.151 billion) in 2019.
All of the company’s platforms were affected by the decline in demand brought by the pandemic that resulted in lower power prices. The natural gas portfolio accounted for 59 percent of First Gen’s total consolidated revenues.