Corporate News

First Gen posts $13-M net loss for H1

Posted on August 15, 2011 07:35:25 PM | BREAKING NEWS

First Gen Corp. posted on Monday a $13.3-million net loss for the first half of the year, citing the impairment of its Northern Negros geothermal power plant.

The performance is a reversal of the $50-million profit the Lopez-led firm reported in the first semester of 2010.

First Gen pointed to the lower contribution of subsidiary Energy Development Corp. (EDC), the Negros plant operator, for the period at just $25.6 million compared to $36.5 million in the year previous.

The power plant was recently decommissioned resulting in a non-cash loss.