MANILA, Philippines — First Gen Corp., the clean and renewable energy provider of the Lopez group, delivered higher earnings in the first half on the back of the strong contribution of unit Energy Development Corp. (EDC).
First Gen saw recurring earnings rise by 30 percent in the first semester to P9 billion from P7 billion in the same period last year.
The company said it was EDC that mainly delivered higher earnings during the period as a result of better operating income from higher electricity prices.
First Gen likewise benefited from higher interest income due to high yields from its internally generated cash.
Revenues of the company during the first half improved to P71 billion from last year’s P66 billion due to elevated natural gas and Wholesale Electricity Spot Market prices.
Natural gas portfolio accounted for 63 percent of First Gen’s total consolidated revenues during the first half, while 34 percent came from EDC’s geothermal, wind, and solar plants.
The remaining two percent came from the company’s hydro plants.
First Gen said geothermal power plants under EDC continued to enjoy higher sales and operating income as they benefited from higher electricity prices, while the 150-megawatt (MW) Burgos wind project benefited from a better wind regime this year.