First Gen booked $81-m recurring net income in first three months

By Alena Mae S. Flores – May 8, 2024, 7:20 pm
from manilastndard.net

First Gen Corp. of the Lopez Group on Wednesday reported a 9-percent decline in attributable recurring net income to $81 million (P4.5 billion) in the first quarter of 2024 from $89 million (P4.9 billion) from a year ago.

“As we expected, First Gen started the year slow with the expiration of San Gabriel’s contract with Meralco. Prices in the market were also generally lower with adequate supply available in 1Q24,” First Gen president and chief operating officer Francis Giles Puno said.

“This was cushioned by our takeover of Casecnan last February. San Gabriel likewise went on a major maintenance outage as soon as its contract with Meralco expired in order to  be ready for the current extreme weather condition that’s amplifying the need for more  power. San Gabriel is currently supplying crucial capacity to the grid after coming back online on April 6,” Puno said.

First Gen’s geothermal arm Energy Development Corp.’s (EDC) produced lower recurring net income versus the same period last year mainly from the combined decline of its revenues due to lower power prices and an increase in its operating expenses.