First Gen Q1 2025 profit dips to $77M

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MANILA, Philippines – First Gen Corp., a Lopez-led renewable energy producer, said its profit in the first quarter dipped by 4 percent on weaker power sales.

In a disclosure before the local bourse Tuesday, the company said its attributable recurring net income fell to $77 million (P4.49 billion) against the previous $81 million (P4.52 billion).

READ: First Gen full-year profit falls 12% to $245M

The firm said its subsidiary Energy Development Corp. saw a drop in revenues due to lower generation volumes, blamed on maintenance downtime at some plants and the decline in spot market prices.

Its NatGas Power Corp., the operator of the 420-megawatt San Gabriel natural gas-fired power plant, also booked lower top line as its supply deal with Manila Electric Co. lapsed in February.

First Gen, a subsidiary of conglomerate First Philippine Holdings Corp., is the leading power generation firm in the local market, with 3,668 megawatts of total installed capacity from a portfolio of 33 power facilities.

It also has the largest portfolio of plants that run on geothermal, wind, hydro, and solar energy.