In ’12, First Gen income reached $186.1M

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.