First Gen profit down13% in first semester

Lopez-led First Gen Corp. said on Friday  its recurring net income for the first semester of 2022 fell by 13 percent year-on-year to $128 million (P6.6 billion) from  $148 million (P7.1 billion) in the same six months last year.

First Gen said its natural gas-based and geothermal power generators, the two largest contributors to its bottom line, incurred reduced income for the January-June period.

The natural gas assets were hobbled by interruptions of fuel supply from the Malampaya production field off Palawan while the geothermal plants were adversely affected by Typhoon Odette that hit the Visayas in December 2021.

The company is expecting better prospects for the gas plants next year, when their LNG (liquefied natural gas) import terminal is expected to start commercial operations.