050907: First Gen Q1 net profit rises 33% on increased output

May 09, 2007
Updated 09:47:00 (Mla time)
Erik de la Cruz
Xinhua Financial News Service

MANILA, Philippines -- Power producer First Gen Corp. reported a 33-percent year-on-year increase in net profit for the first quarter to $34 million boosted by contributions from newly acquired power plants.

In a statement, First Gen said its sales rose 22 percent to $264 million, including revenue from the 112-megawatt Pantabangan and Masiway hydropower plants in Nueva Ecija in northern Philippines, which the company acquired from the government last November.

First Gen, which is 66.3-percent owned by First Philippine Holdings Inc, also attributed the better results to increased revenue from its natural gas-fired power plants and extraordinary income from insurance claims.

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