First Gen’s six-month recurring income up 30%

By Alena Mae S. Flores – August 9, 2023, 8:20 pm
from manilastandard.net

Lopez Group‘s clean and renewable energy provider First Gen Corp. said Wednesday recurring net income climbed 30 percent in the first half to $167 million (P9 billion) from $128 million (P7 billion) in the same period in 2022 on higher earnings of geothermal subsidiary.

The company is bullish of continued better performance in the remaining months of the year, with the expected operations of its liquefied natural natural gas terminal in Batangas.

“We hope to carry over the good performance of the first half in the next six months. We are looking forward to a number of significant milestones that are expected to happen for the remainder of the year, including the commercial operations of our LNG terminal at the First Gen Clean Energy Complex,” First Gen president and chief executive Francis Giles Puno said.

He said the closing and turnover of the 165-megawatt Casecnan hydroelectric power plant purchased in May from the Power Sector Assets and Liabilities Management Corp. and the start of construction of the 100 MW pump storage expansion in Lake Aya at the Pantabangan-Masiway hydroelectric plants in Nueva Ecija were expected to further strengthen First Gen’s second-half performance.