First Gen Q2 income rises 5.2% on lower costs

LOPEZ-LED First Gen Corp. reported a 5.2% increase in its attributable net income for the second quarter to $79.21 million amid lower costs of sale of electricity and expenses.

- Sheldeen Joy Talavera

Revenues from energy sales declined by 7.6% to $629.98 million, while the costs of sale of electricity decreased by 8.5% to $440.89 million, based on the company’s financial report released on Tuesday.

General and administrative expenses went down by 1.2% to $69.3 million.

For the six months ended June, First Gen saw its attributable net income climb by 4.8% to $161.5 million as higher contributions from some hydro assets cushioned the decline in the natural gas and geothermal platforms.

Revenues declined by 5.1% year on year to $1.21 billion, due to lower volumes of electricity sold in the natural gas platform.