First Gen income slides to P8.9B in first 6 months

By Jordeene B. Lagare – August 15, 2020
from The Manila Times

FIRST Gen Corp. reported a consolidated net income of $183 million (P8.92 billion) in the first semester of 2020, a 21.6-percent decline from the $233.4 million (P11.38 billion) in the same period last year. In a disclosure on Friday, the Lopez-led company said consolidated revenues from the sale of electricity dipped to $939 million (P45.8 billion) from $1.1 billion (P54.1 billion) because of low electricity demand brought about by the community quarantine. “The full brunt of the second-quarter lockdown saw demand for electricity drop significantly with the abrupt economic slowdown. First Gen was not spared, which explains our lower income for the period. 2020 will prove to be a challenging year for all. This pandemic and its disastrous effect on the economy will give us painful lessons that we must humbly learn from,” First Gen President and Chief Operating Officer Francis Giles Puno said in the disclosure. First Gen shares decreased by 90 centavos or 3.83 percent to close at P22.60 each on Friday.