LOPEZ-LED First Gen Corp. reported a 5.2% increase in its attributable net income for the second quarter to $79.21 million amid lower costs of sale of electricity and expenses.
Revenues from energy sales declined by 7.6% to $629.98 million, while the costs of sale of electricity decreased by 8.5% to $440.89 million, based on the company’s financial report released on Tuesday.
General and administrative expenses went down by 1.2% to $69.3 million.
For the six months ended June, First Gen saw its attributable net income climb by 4.8% to $161.5 million as higher contributions from some hydro assets cushioned the decline in the natural gas and geothermal platforms.
Revenues declined by 5.1% year on year to $1.21 billion, due to lower volumes of electricity sold in the natural gas platform.
The natural gas platform posted a 6.6% decline in its topline, due to lower revenues from the San Gabriel plant following the expiration of its supply contract with Manila Electric Co. in February 2024, coupled with its lower spot market sales.
This was partially offset by higher revenues from Santa Rita and San Lorenzo due to both plants’ higher fuel revenues resulting from higher liquefied natural gas prices and consumption.
The geothermal, solar, and wind (GSW) portfolio registered a decline of 6.1% to $23.6 million, weighed down by lower average selling prices.
Revenues in the hydro business increased by 69.6% to $50.1 million, as higher starting water elevation and higher irrigation diversion requirements resulted in higher electricity sold to the spot market.
The natural gas portfolio accounted for the bulk of revenues at 66%, followed by GSW at 30%, and hydropower at 4%.
“First Gen’s steady performance in the first half of 2025 was an achievement as the industry was affected by a softer increase in power demand, as well as lower electricity prices,” First Gen President and Chief Operating Officer Francis Giles B. Puno said.
“We, however, continue to see challenging market conditions with the local economy not performing as strongly as expected in 2025,” he added.
At present, First Gen has a total of 3,675 megawatts of combined capacity from its portfolio of plants running on geothermal, wind, hydropower, solar energy, and natural gas. — Sheldeen Joy Talavera
