First Gen first-half profit printed flat at $151M

First Gen Corp. saw its bottom line growth rate flat in the first six months as declines in geothermal and gas operations cancelled out gains from the hydro business.

The Lopez-led company reported on Tuesday that its attributable recurring net income reached $151 million from $150 million a year ago.

Net income attributable to the equity holders of the parent company, meanwhile, improved by 4.8 percent to $161.5 million. This was logged at $154.1 million in the same period last year.

Revenues also dropped by 5 percent to $1.21 billion against the $1.27 billion booked in the same period last year. This was mainly due to the weaker volumes of power sold in the natural gas platform.

See Also

Take down illegal vape listings, online sites told

The natural gas portfolio accounted for 66 percent of First Gen’s total consolidated revenues, while 30 percent came from EDC’s geothermal, wind and solar plants.

The remaining 4 percent balance comes from the group’s hydroelectric power plants.