Lopez-led First Gen Corp. posted a recurring net income of $59 million in the first quarter, down by 24.4% from $78 million in the previous year, as its natural gas and geothermal energy platforms recorded lower operating profit. READ:
In a media release on Monday, First Gen President and Chief Operating Officer Francis Giles B. Puno said the company generated more power in the first quarter compared with the same period last year, but its Avion gas-fired power plant and a geothermal unit Energy Development Corp. were hit by unscheduled shutdowns.
During the quarter, consolidated revenues from the sale of electricity rose by 18% to 570 million from $483 million. The 420-MW San Gabriel power plant recognized lower capacity fees due to its de-ration from gas supply restrictions. Mr. Puno said that to address the recurring gas issue, the importation of liquefied natural gas can happen by the fourth quarter of this year when First Gen’s LNG terminal operates.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Schooling loses first SEA Games gold over swim controversyOlympic swimming hero Joseph Schooling had a first gold of this year’s Southeast Asian Games dramatically snatched away when Singapore’s sprint relay team were disqualified.
Read more »
Lebanon votes in first election since crisisLebanon voted Sunday in its first election since multiple crises dragged it to the brink of failed statehood, a major test for new opposition groups bent on removing the ruling elite.
Read more »
![[FIRST PERSON] A letter to the public from PPCRV chair Myla Villanueva](https://i.headtopics.com/images/2022/5/16/rapplerdotcom/first-person-a-letter-to-the-public-from-ppcrv-chair-myla-villanueva-1526117914792845314.webp?w=640)
[FIRST PERSON] A letter to the public from PPCRV chair Myla Villanueva'We owe it to the 500,000 volunteers and lay coordinators in our parishes around the country, some of whom prepared for more than a year to help guard your votes on election day, to explain what they have been sacrificing for.' PHVoteResults
Read more »
‘First Lady,’ ‘False Positive’ continue to rope audiences in‘First Lady,’ ‘False Positive’ continue to rope audiences in Based on NUTAM People Ratings of Nielsen Philippines, on May 12, First Lady registered a TV rating of 15.4 percent compared to its rival Ang Probinsyano, which recorded 9.9 percent- Read more👇
Read more »
Carlos Yulo becomes first Filipino to win three gold medals in HanoiCarlos Edriel Yulo slumped behind one of the monitor screens strewn around the Quan Ngua Sports Palace, hiding himself from public view as he awaited his turn to hit the rings.But when his time
Read more »
Biden eyes new ways to bar China from scooping up US data - BusinessWorld OnlineWASHINGTON — The Biden administration has drafted an executive order that would give the Department of Justice vast powers to stop foreign adversaries like China accessing Americans’ personal data, according to a person familiar with the matter and excerpts seen by Reuters.
Read more »