MANILA, Philippines – First Gen Corp. mentioned its internet revenue fell by 12 p.c in 2024 because it suffered decrease revenues and incurred larger bills to maintain operations.
In a disclosure on Friday, the Lopez-led power agency mentioned its attributable recurring internet revenue stood at $245 million (about P14 billion) final 12 months from $277 million (P15.4 billion) the 12 months earlier than.
Consolidated revenues decreased by 3 p.c to $2.408 billion (P137.3 billion).
READ: First Gen faucets P20-B mortgage for Casecnan hydro energy venture
First Gen mentioned it incurred larger curiosity bills after acquiring a P20-billion mortgage to buy the 165-megawatt (MW) Casecnan Hydroelectric Energy Plant.
“Increased income from the pure fuel enterprise and the newly bought Casecnan had been in a position to partially offset the declines,” the corporate mentioned.
First Gen’s pure fuel portfolio comprised 65 p.c of First Gen’s prime line, whereas the subsidiary Power Improvement Corp.’s (EDC) geothermal, wind and photo voltaic vegetation accounted for 32 p.c. The rest got here from the agency’s hydro enterprise unit.
The pure fuel enterprise noticed a 12-percent soar in recurring earnings to finish at $187 million (P10.7 billion). The 1,000-MW Santa Rita Energy Plant and 500-MW San Lorenzo Energy Plant delivered larger revenue as a consequence of financial savings in working bills and decrease curiosity bills as debt was serviced.
Principally down
Based on First Gen, the Santa Rita plant’s excellent long-term debt was totally paid in Might final 12 months.
The agency’s liquefied pure fuel (LNG) terminal posted larger recurring revenue due to terminal charges billed to pure fuel amenities.
Nonetheless, the 420-MW San Gabriel Energy Plant reported a lower in internet revenue primarily as a consequence of a decline in electrical energy gross sales.
This resulted from the facility provide settlement with Manila Electrical Co. expiring in February final 12 months, adopted by a scheduled shutdown the subsequent month.
Gross sales from the San Gabriel plant to the Wholesale Electrical energy Spot Market that started final April partially offset losses.
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In the meantime, the 97-MW Avion Energy Plant’s internet revenue dipped primarily as a consequence of the price of repairing a fuel turbine to be stored as a spare unit.
Subsidiary EDC’s recurring attributable revenue tumbled by 36 p.c to $75 million as geothermal energy vegetation recorded decrease electrical energy gross sales and better working bills from steam area upkeep and work-over actions.
