First Gen profit climbs to $82 M in 1st quarter

First Gen Corp. posted higher earnings in the first quarter, as lower expenses helped offset the impact of softer power sales.

- By BRIX LELIS

The energy arm of the Lopez Group saw its attributable net income rise by 4.4 percent to $82.3 million from the same quarter last year's $78.8 million.

Revenues, on the other hand, slipped by 2.2 percent to $583.3 million from $596.4 million due to lower electricity sales across natural gas and geothermal platforms.

The natural gas portfolio accounted for the bulk of the topline at 66 percent, followed by the geothermal, wind and solar (GWS) platform at 30 percent and hydroelectric power plants at four percent.