August 12, 2013

First Gen earnings drop 17% to $77.7 M in H1

First Gen Corp. posted a net income of $77.7 M in the first half of 2013, down 17.4% from $94 M in the same period last year. Consolidated revenues decreased by 4.2%, to $984.6 M.

The First Gas plants accounted for $656 M (-6.3%), or 66.6% of consolidated revenues; EDC’s geothermal revenues accounted for $290.9 M, or 29.5%; and FG Hydro accounted for $37.2 M, or 3.8%. The dip in earnings was expected given the reduced revenues from ancillary services and further delays in the rehabilitation of BacMan power plant.

While EDC actually generated higher revenues and achieved savings in its operating expenses, the foreign exchange losses could not be avoided with the depreciation of the peso. - WealthSec