Energy Development Corp. said Friday consolidated recurring net income attributable to equity holders of parent First Gen Corp. rose 14 percent in the first quarter to P2.5 billion from P2.2 billion in the same period last year.
EDC said in a statement to the stock exchange the increase in core net income was led by higher energy sales of the Bacman geothermal plants and the newly-commissioned Nasulo geothermal project.
EDC said inclusive of non-recurring items, consolidated net income attributable to equity holders of the parent rose 4 percent to P2.5 billion from P2.4 billion a year ago.
EDC president and chief operating officer Richard Tantoco said the first-quarter results “meet our expectations.”
“The first quarter’s reported operating expenses, when annualized, are expected to be on the lower end of full year estimates. The pace of activities in our different project locations normally accelerate starting the second quarter, together with a corresponding rise in expenditure levels,” he said.
Tantoco earlier said he expected modest net income gains this year. “[Net income this year] is better than last year but it’s not realistic to expect similar 40-percent increase than last year,” he said. “We are looking at modest gains.”
The company posted recurring net income attributable to EDC of P9.2 billion in 2014, up 40 percent from 2013.