While hydroelectric and natural gas assets posted gains, weak output from geothermal plants and the expiry of a key gas supply deal pulled overall performance down.
Revenues declined to $583 million (P33.8 billion), with lower energy sales across its geothermal and gas platforms outweighing gains from new hydro output.
“First Gen’s portfolio of power plants are available for dispatch as the country experiences this punishing heat. We have been hard at work in making sure that the vital resources our Company provides are able to deliver, especially during these coming local elections,” said president and chief operations officer Francis Giles B. Puno.
The geothermal business under Energy Development Corp. saw a 22 percent earnings drop, hit by lower prices, generation, and rising debt costs.
Meanwhile, First Gen’s natural gas segment rose 7 percent to $46 million (P2.7 billion), led by debt savings from its Santa Rita, San Lorenzo, and Avion plants.
The hydro unit surged 37 percent to $11 million (P619 million), lifted by Casecnan’s full-quarter contribution and higher reservoir levels.
