April 09, 2015

First Philippine Holdings Corp (FPH)'s 2014 reported income up 140% YoY

In a disclosure to the Exchange, First Philippine Holdings Corp (FPH) said that consolidated net income attributable to shareholders increased by 140% YoY to P5.6b in 2014 from P2.3b in 2013. The increase was driven largely by higher electricity sales and revenues from contracts and services, as well as higher non-recurring income.

Consolidated electricity sales jumped P4.0b or 5% on the back on higher revenue contribution from Energy Development Corp (EDC) with the partial operation of EDC’s BacMan geothermal power plant following its rehabilitation and the timely commissioning of the Nasulo geothermal power plant in mid-2014. Contracts and services also increased, up 49% or P1.7b, attributed to higher earnings from power-related projects namely, Burgos and First Gen Corp’s (FGEN) Avion and San Gabriel natural gas power projects.

Finance and other income reached P5.9b largely because of the P2.1b recovery of impairment charges related to EDC’s Northern Negros plant (which was transferred to Nasulo) as well as insurance proceeds received by EDC and FGEN’s San Lorezno plant amounting to P386m and US$14.9m, respectively. - WealthSec