First Gen’s ‘18 profit jumped 51% to $243m

First Gen Corp., a member of Lopez Group, reported a net income of $243 million (P12.8 billion) in 2018, up 51 percent from $161 million in 2017, due mainly to the strong contribution of the company’s natural gas business.

“2018 was an exceptional year for First Gen as we concretized value from the sizable investment made for the modern 420 megawatt San Gabriel natural gas-fired power plant. This was made in anticipation of the market’s increased electricity demand and the need for new cost-competitive power supply to the grid,” said First Gen president and chief operating officer Francis Giles Puno.

First Gen’s natural gas business delivered recurring earnings of $186 million (P9.7 billion) from $120 million (P6 billion) in the previous year.

“The 1,500 MW Santa Rita and San Lorenzo natural gas-fired plants continued their reliable performance incorporating the technical upgrades we have invested in over the years that effectively reduced the power rates to consumers,” Puno said.

Topics: First Gen Corp. , net income
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementSpeaker GMA