First Gen reports 4.4% net income increase, revenues down

First Gen Corp., led by the Lopez family, reported a 4.4% increase in attributable net income to $82.3 million for the first quarter despite lower revenues due to reduced electricity sales volumes.

Revenues decreased by 2.2% to $583.3 million, with natural gas segment revenues falling by 1.4% and geothermal, solar, and wind (GSW) portfolio revenues declining by 6.5%, while hydropower revenues rose significantly by 50.2%.

Operating expenses declined by 3.8% to $429 million, contributing to the improved earnings despite reduced electricity sales across natural gas and geothermal platforms.

First Gen's president and COO Francis Giles Puno assured that all power plants are prepared to meet demand during the dry season and election period.

The company currently operates with a total installed capacity of 3,668 megawatts in renewable energy and gas-fired facilities, making it the third-largest power producer in the Philippines by capacity.