First Gen Q3 income down 34.2% on lower revenues, higher costs

LOPEZ-LED First Gen Corp. saw its attributable net income fall by 34.2% to $52.91 million for the third quarter (Q3) amid lower revenues and a slight increase in expenses.

Gross revenues went down by 5.9% to $568.48 million, the energy company said in a regulatory filing on Monday.

Gross expenses, on the other hand, slightly rose by 0.9% to $458.96 million.

For the nine months ending in September, the company’s attributable net income fell by 16.1% to $39.8 million due to lower contributions from its renewable energy business.

Gross revenues went down by 5.9% to $568.48 million while gross expenses increased by 3.5% to $1.46 billion.

First Gen and its subsidiaries are primarily engaged in the power generation business and operate power plants that run on geothermal, wind, solar, hydro, and natural gas.

Its subsidiary Energy Development Corp. contributed $122.4 million, down by 42.6%.

Meanwhile, First Gen said it is looking to expand its businesses that complement its power generation operations.

“In particular, the company intends to play a major role in the development of downstream natural gas transmission and distribution facilities with the completion and operation of its LNG (liquefied natural gas) terminal, and other projects using renewable sources of energy,” the company said.

First Gen, a subsidiary of listed conglomerate First Philippine Holdings Corp., has 3,697 megawatts of combined capacity from a fleet of 32 power plants. — Sheldeen Joy Talavera