LED by an increase in revenues generated from its natural gas-fired power plants, Lopez-managed First Gen Corp. (First Gen) reported Friday that its net income increased by 14 percent to $104.7 million last year compared to the previous year.

In a disclosure to the Philippine Stock Exchange, First Gen said the increase was primarily driven by the increase in net income of its natural gas-fired plants, the full-year effect of profits from the 112-MW Pantabangan/Masiway Hydroelectric Complex (Pantabangan/Masiway), and one month in earnings from its recent acquisition of a controlling stake in PNOC Energy Development Corp. (EDC).

First Gen said net income inclusive of minority interests stood at $181.8 million.
”We are quite pleased with last year’s financial and operating results. All of the power plants in the portfolio performed well and delivered numbers beyond our expectations,” said Federico R. Lopez, First Gen president and chief executive.

He quickly added that the Pantabangan/Masiway’s operations earned the company $29 million.  The gas plants at Santa Rita and San Lorenzo enjoyed the highest dispatch rates among all power plants in the Luzon grid and delivered more electricity this year due to its upgrades.

Lopez said the increase in dispatch resulted in a higher combined net income of $169.1 million. Bauang’s dispatch likewise improved last year.

First Gen’s consolidated revenues rose to $1.1 billion, or an increase of 5 percent owing to the Pantabangan/Masiway’s full year operations, EDC’s sale of steam and electricity, and sale of additional electricity from Santa Rita and San Lorenzo—made possible by the plants’ higher net dependable capacities.

Lopez noted that dispatch was again high last year, with Santa Rita and San Lorenzo both averaging 81 percent.  

“In November last year, we acquired a controlling stake in publicly-listed EDC. With the EDC plants and steamfields now part of the First Gen portfolio, the Company has consolidated the financials of EDC, which contributed $16.7 million in net income to First Gen,” Lopez said.

THE Gotianun-led Filinvest Land Inc. (FLI) said its net income for 2007 grew 95 percent to P1.7 billion from P872 million a year earlier as sales improved to nearly 50 percent.

Pepsi, property firms last week’s top gainers

PEPSI-COLA Products Philippines Inc., which had its market debut on February 1 on the first board of the Philippine Stock Exchange (PSE), closed the week ended April 4 at P3.25 after hitting P3.30, its highest since February 20, and dropping to a low of P3.15.

THE country’s oldest conglomerate Ayala Corp. is investing in new high-growth sectors and has identified the offshore and outsourcing (O&O) market as an area with potential for significant growth.

LED by an increase in revenues generated from its natural gas-fired power plants, Lopez-managed First Gen Corp. (First Gen) reported Friday that its net income increased by 14 percent to $104.7 million last year compared to the previous year.

 n LAST week: The PSE index fluctuated a lot last week as it registered both gains and losses. But at the end of Friday’s trading, the index managed a 27.02-point gain or .91-percent up week on week to close at 2,983.04.

THERE’S talk Sumitomo Corp. is looking at lakeside property in Taguig to put up an industrial park.