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Apr 6, 2018 @ 17:20

First Holdings posts 41% profit plunge

 

First Philippine Holdings Corp. saw its net profit plummet by 41 percent to P5.9 billion, mainly due to one-off losses related to First Gen group’s debt prepayments.

Last year, FPHC booked non-recurring gains mainly from San Gabriel’s liquidated damages and First Philec’s arbitration settlement.

Revenues went up 14 percent to P104.9 billion, mainly driven by higher revenues from sale of electricity following the full year contributions of the Avion and San Gabriel gas plants and from the real estate business on account of higher completion and sales booking of Rockwell.

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