March 17, 2013

First Gen net Income More Than 400% Up

In a PSE disclosure, first Gen Corp. reported net income attributable to equity holders of the Parent of US$186.1 million for the year 2012. This was a significant increase from the US$35.0 million registered in 2011 resulting from the solid performance of each of the asset portfolios.

Natural gas, geothermal, and hydro were the major contributors in the profit increase. First Gen's consolidated revenues rose by US$163.3 million, or 12.0% to US$1.53 billion for 2012 from US$1.36 billion the prior year.

With First Gen's purchase of the BG Groups 40% stake in the 1,000-MW Santa rita and 500-MW San Lorenzo natural gas-fired combined cycle power plants. (the "First Gas Plants") last May, the company booked additional income of US$35.8 million.