Friday, May 10, 2019

Philippines: Unified Leyte and Tongonan Geothermal Plants Normalize Operations after 2017 Typhoon Damage

First Gen’s profit climbed by 28% to $77m in 3 months (Manila Standard)

First Gen Corp. owns 12 integrated geothermal
power stations in Leyte, Bicol, Southern Negros, and
North Cotabato with an installed capacity of 1,169 MW. 
First Gen Corp., a Lopez Group company, reported a net income of $77 million (P4 billion) in the first quarter, up 28 percent from $60 million (P3 billion) year-on-year.

First Gen said net income attributable to equity holders in the first quarter reached $81 million (P4.2 billion), up 104 percent from $40 million (P2 billion) in the same period last year, due to the higher electricity sales of its natural gas, geothermal and hydro platforms, foreign exchange gains and lower deferred income taxes.

The company’s recurring earnings from its geothermal, wind, and solar platform surged to $26 million (P1.4 billion) in the first three months from $14 million (P700 million) in 2018 as the Unified Leyte and Tongonan geothermal plants normalized their operations and delivered higher earnings after recovering from the damage in the Leyte site caused by Typhoon Urduja in December 2017.