Monday, November 17, 2014


Resumption of Geothermal Plants Fuels Increase in First Gen's Profit (InterAksyon)

Profitability at First Gen Corp rose by more than half in the third quarter as its geothermal assets turned in better revenue.

In a financial report, First Gen said net income hit $105.4 million in the July to September period, higher by 73.3 percent than the $60.8 million in the same three months of last year. For the nine month period ending September, the Lopez-led company’s earnings rose 55.5 percent to $274.9 million from $176.8 million in 2013.

The increase was primarily brought about by additional revenue from First Gen's geothermal (Energy Development Corp) and natural gas subsidiaries (First Gas Power Corp and First Gas Corp).

First Gen's geothermal and natural gas units turned in additional revenue after facilities under maintenance and repair work a year ago returned to the grid this year.

The turnaround was the result of the transfer and commissioning of EDC’s shattered Northern Negros Geothermal Plant in Negros Occidental to a new site in Negros Oriental.

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