First Gen earnings up 65% to $221 millionMANILA, Philippines — Lopez-led First Gen Corp. grew its net profit by 65 percent last year on the back of strong contribution from gas-fired power plants. The company disclosed its net income reached $221 million (P11.6 billion) last year compared to the $134 million (P7.5 billion) recorded in 2017. First Gen attributed the increase to the strong contribution of its natural gas business that delivered recurring earnings of $186 million (P9.7 billion) versus $120 million (P6 billion) previously. “2018 was an exceptional year for First Gen as we concretized value from the sizable investment made for the modern 42-MW San Gabriel natural gas-fired power plant. FG Hydro, the owner of the 132-MW Pantabangan-Masiway hydroelectric plants, reported higher revenues of $36 million (P1.9 billion), which cornered two percent of the overall revenues.

Source: Philippine Star March 13, 2019 19:01 UTC