First Gen’s income increases 32% to $103 million
The Philippines, Manila: First Gen Corp., the power unit of the Lopez Group, announced 32% jump in income to $102.6 million from $77.7 million a year ago.
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The Philippines, Manila: First Gen Corp., the power unit of the Lopez Group, announced 32% jump in income to $102.6 million from $77.7 million a year ago.
The income was boosted by the higher profit of geothermal energy subsidiary Energy Development Corp (EDC), which stated that net income attributable to equity holders of parent company surged 87%, reports Manila Standard Today.
“Our portfolio delivered respectable numbers despite minor setbacks. BacMan generated electricity at full capacity for a few months but sustained some damage due to typhoon Glenda. They are currently undergoing repair and we expect it to be operational in the second half with two new turbines from Japan.” First Gen president Francis Giles Puno said.
“The Santa Rita and San Lorenzo gas plants are now delivering at full capacity with the replacement of the transformers of Unit 40 and 60. We are also expecting delivery of a spare transformer in September to reduce possible downtime in the future.” he added.
Source: Manila Standard Today
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