First Gen posts lower 9-month profit
Losses incurred by the San Gabriel plant in the first semester and the negative effect of the earthquake one the Unified Leyte facilities continued to pull down the net earnings of the Lopez-led First GenCorp. in the nine months ending September this year.
First Gen reported a recurring net income of $123 million, down four percent year on year.
The 420-megawatt San Gabriel Flex Plant earned positive income in the third quarter as a result of higher electricity prices at the Wholesale Electricity Spot Market (WESM), which partially diminished the losses incurred by the said plant reported in the first semester.
Energy Development Corp.’s (EDC) Unified Leyte facility was negatively affected by the earthquake that hit Leyte last July, which was offset by the better performance of EDC’s other power facilities.
“Despite the recent calamities like the Batangas and Leyte earthquakes which negatively affected the operations of our gas plants and our largest geothermal facility, First Gen’s recurring third quarter net income only slightly dipped,” First Gen president and COO Francis Giles B. Puno said.
“Other power plants in the portfolio, like Bacman and Burgos, were able to deliver better profits this year while our newest gas plant San Gabriel recovered in the third quarter,” Puno added.