First Gen Q1 income jumps 11% to $56-M

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First Gen gets higher contribution from its gas power plants

MANILA, Philippines – Lopez-led First Gen Corp. on Thursday, May 16 reported double-digit increase in its first-quarter 2013 net income following higher contribution from its power plants.

In a statement to the Philippine Stock Exchange, First Gen said its net income rose 11% to US$55.8 million in January to March 2013 from $50.3 million in the same months of 2012. 

It said it booked additional income of $9.9 million after it boosted its stake in the Santa Rita and San Lorenzo natural gas-fired power plants. It bought the 40% stake of UK-based gas producer BG Group in said plants.

First Gen booked higher income despite a 5.2% decline in its consolidated revenues to $494.6 million in the first quarter. 

The decline was “due to a slight drop in fuel prices and lower dispatch by the natural gas plants. The lower dispatch was brought about by a scheduled major maintenance outage of the Santa Rita plant.”

First Gen also said its interest expense went down to $37.5 million from $44.3 million due to a series of refinancing activities.

The company prepaid over $250 million in debt and redeemed its remaining $57 million convertible bonds that matured in February.

“We continue to deliver strong financial and operational results for the first quarter of 2013 despite the delay suffered by BacMan’s rehabilitation works and the unfortunate landslide at the Unified Leyte site. We continue working hard to deliver the commitments we’ve made, especially on BacMan, and we are intent on delivering our growth projects across the platform,” First Gen President Francis Giles Puno said. – with reports from Cai Ordinario/Rappler.com

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