First Gen Corp. said Monday its recurring net income attributable to the parent company declined 17.4 percent in the first nine months of 2024 to $205.5 million from $248.8 million in the same period last year on lower contribution from its geothermal, wind and solar (GWS) platforms.
First Gen said in a disclosure to the stock exchange its net income attributable to the parent company was adjusted for non-recurring items such as the proceeds from insurance claims, unrealized foreign exchange losses (gains), movements in deferred income taxes, COVID-19 relief expenses, MTM losses (gains) on derivative transactions and provisions for asset impairment.
First Gen’s revenues also decreased 2.3 percent in the first nine months to $1.85 billion from $1.89 billion a year earlier.
Meanwhile, net income attributable to the equity holders of the parent company decreased by 16.1 percent to $207 million in the first nine months from $246.8 million a year ago, as the contribution of Energy Development Corp. declined 41.1 percent to $59.7 million from $101.4 million.
First Gen attributed the decrease in EDC’s income to lower revenues due to both lower sales volume and lower average Wholesale Electricity Spot Market selling prices, higher operation and maintenance expense for power plant, steamfield maintenance and workover activities, higher expenses from increased contracted services, salaries and taxes and increased interest expense versus the same period last year due to new debt availed in the first nine months.
First Gen said the hydro platform recognized higher net income contribution of $9.8 million, up by 166.8 percent from $5.9 million in the same period last year as a result of the combined net income contribution of FG Hydro and the Casecnan hydro plant.
The natural gas platform’s contribution to net income attributable to the parent company increased by 2.5 percent to $149.8 million in the first nine months from $146.2 million in the same period last year as a result of the combined net income contribution of the gas plants.
Liquefied natural gas (LNG) recognized a net income contribution of $1 million in the nine-month period, up by $2.9 million from a net loss of $1.9 million in the same period last year.
