Quantcast
Latest Stories

In ’12, First Gen income reached $186.1M

By

The net income of First Gen Corp. of the Lopez Group surged last year to $186.1 million, from $35 million registered in 2011, on the back of the strong performance of its power assets.

In a disclosure to the Philippine Stock Exchange Friday, First Gen also reported that its consolidated revenues rose by 12.5 percent to $1.53 billion in 2012 from $1.36 billion the prior year.

According to First Gen, its purchase of the BG Group’s 40 percent stake in the 1,000-megawatt Sta. Rita and 500-MW San Lorenzo natural gas-fired combined cycle power plants last May allowed it to generate an additional income of $35.8 million.

With both gas plants now 100-percent owned  by First Gen, the total net income contribution of the facilities reached a total of $106.7 million.

“The year 2012 was an excellent year for First Gen, primarily due to the incremental 600-MW from the purchase of BG’s stake in the First Gas Plants. In 2013, we continue to pursue more opportunities for growth in each of our platforms with the intention of bringing these projects to market starting 2014,” said First Gen president Francis Giles B. Puno.

The company’s affiliate, Energy Development Corp., contributed $76.4 million in earnings last year, a turnaround from the losses sustained in 2011. The losses booked in 2011 were due largely to the impairment of the 49-MW Northern Negros geothermal plant.

EDC’s 305-MW Palinpinon-Tongonan geothermal power plants likewise derived the full-year benefits of the price adjustments of power supply contracts.

Meanwhile, EDC’s 132-MW Pantabangan-Masiway hydroelectric power plants showed a “stellar performance” last year due to higher sales of electricity.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , First Gen Corp. , Lopez group , News , power industry



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Sign maker to be nailed to cross for 28th time
  • 50 Quezon City cops each carry 30-kg crosses
  • AFP: Abu Sayyaf group, not MILF, target of Basilan operation
  • Massive infra spending set
  • DOJ to NBI: Arrest Cedric Lee, 4 others
  • Sports

  • Federer would skip tennis to be with wife, newborn
  • Manny Pacquiao in PBA? If so, he’ll wear No. 17
  • PSC sets Blu Girls US training
  • Power Pinoys settle for 7th place
  • Successful coaches to get raise
  • Lifestyle

  • Are your favorite malls open this Holy Week break?
  • Celebrate Easter Sunday at Buddha-Bar Manila
  • Moriones feast: A slow, steady transformation
  • Weaving ‘palaspas’ a tradition kept alive in Tayabas City
  • Finalists announced for best translated books
  • Entertainment

  • Why Lucky has not bought an engagement ring for Angel
  • Derek more private with new girlfriend
  • ‘Community’ star happy with return of show’s creator
  • Jealousy is kid stuff
  • Mommy-daughter adventure continues
  • Business

  • PH presses bid to keep rice import controls
  • PSEi continues to gain
  • Number of retrenched workers rose by 42% in ’13
  • PH seen to sustain rise in FDIs
  • Gov’t subsidies to state firms fell in first 2 months
  • Technology

  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Another reason to quit social media this Holy Week: your safety
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • First Fil-Am elected to Sierra Madre, Calif. city council
  • UC Irvine cultural night to dramatize clash of values in immigrant family
  • Filipino sweets and info served at UC Berkeley Spring Fest
  • Milpitas, California kids wrap up a successful run of ‘The Wiz’
  • Netizens welcome Japan’s visa-free travel plan
  • Marketplace