trend will preserve

LOPEZ-LED First Gen Corp. (First Gen) reported on Thursday the business enterprise ended 2016 with $2 hundred million in internet earnings as a consequence of the determine, up 19 percentage or $32 million from $167.3 million published the previous 12 months.

In a disclosure to the Philippine Stock Exchange (PSE), the strength enterprise said consolidated sales from the sale of power capitalholdings scam decreased to $1.56 billion for 2016 compared to $1.84 billion in 2015.

First Gen stated its most modern herbal gas-fired strength plant, the 414-megawatt (MW) San Gabriel Flex Plant, and Energy Development Corporation’s (EDC) one hundred forty-MW BacMan geothermal plant, booked non-ordinary income in 2016.

“Though 2016 became a yr no longer with out its challenges, it turned into additionally the year First Gen executed its highest net income. We are optimistic that this trend will preserve with the addition of our two newest natural gas–fired flowers—the 414 MW San Gabriel Flex Plant and the ninety seven MW Avion Peaking Plant—that will supply full year operations this yr, along marked improvements within the operations of EDC’s a hundred% renewable portfolio,” First Gen President and COO Francis Giles B. Puno said.

First Gen stated the 1,000-megawatt (MW) Santa Rita and the 500-MW San Lorenzo natural gasoline-fired power flowers accounted for $827 million or 53 percent of general consolidated revenues.

“Their revenues had been 23 percentage decrease in contrast to their contribution of US$1.08 billion in 2015 particularly because of decrease gas bypass-through costs, worsened by way of the decrease combined dispatch of the gas flowers at 75 percent in 2016 versus 81 percentage in 2015,” it stated.

To complement Santa Rita and San Lorenzo’s income, San Gabriel recorded $36 million of income from delay liquidated damages that became partly offset by means of fees, while the ninety seven MW Avion Peaking Plant generated commissioning profits in 2016, the organisation stated.

First Gen said the income contribution from the herbal gasoline portfolio multiplied by using $21 million to $142 million in 2016.

EDC’s geothermal, wind and solar sales accounted for $676 million, or forty three percent of overall consolidated sales. From $717 million in 2015, EDC’s revenues declined by way of $41 million specially due to an unfavourable effect of forex translation.

Meanwhile, it stated the 132 MW Pantabangan-Masiway hydroelectric flora’ revenues had been sixteen percentage higher at $48 million, or three percent of total consolidated sales. FG Hydro showed a increase in revenues of $7 million for 2016 versus 2015’s $42 million due to the better dispatch of its energy flora and better ancillary provider income. Consequently, the attributable earnings contribution of FG Hydro became better by means of $5 million, or 60 percentage at $14 million.