First Gen earnings down in 9 months

First Gen Corp. of the Lopez Group saw its earnings decline from January to September this year, mainly due to weaker contributions from its renewable energy (RE) business.

- Brix Lelis

In a regulatory filing, the company said its net income went down by 16.1 percent to $207 million from $246.8 million on a yearly basis.

Consolidated earnings decreased by 25 percent to $271.15 million from $361.52 million, while revenues slipped by 2.3 percent to $1.85 billion from $1.89 billion.

First Gen and its subsidiaries are primarily engaged in the power generation business and operate power plants that utilize natural gas, geothermal, wind, hydroelectric and solar energy.