First Gen posts $92.8M in H1 net income

First Gen Corp. said its net income attributable to equity holders of the parent company hit $92.8 million in the first half, a reversal of the $16 million in attributable net loss it recorded in the same period last year.

In a filing with the Philippine Stock Exchange, First Gen attributed its performance to the higher earnings contributed by affiliate Energy Development Corp. (EDC) and subsidiary FG Hydro Power Corp. (FG Hydro).

According to First Gen, the increase in the earnings of EDC was due to the absence of the P5-billion impairment provision for the shutdown of the Northern Negros Geothermal Plant (NNGP), which was recognized in June 2011, as well as the repricing of the power supply contracts of Green Core Geothermal Inc., a wholly owned subsidiary of EDC.

EDC has an aggregate installed capacity of approximately 1,129.4 megawatts of geothermal power.

FG Hydro recorded higher electricity sales due to the increase in power generation from its facilities during the first six months and its contracts for ancillary services with National Grid Corp. of the Philippines. FG Hydro operates the rehabilitated and upgraded 132-MW Pantabangan-Masiway hydroelectric power plants.