First Gen nets $ 25.5 M in Q1, up 18%
Thursday, May 11, 2006
By JAMES A. LOYOLA
First Gen Corporation reported an 18 percent hike in net income for the first quarter of the year to $ 25.5 million from the $ 22 million registered in the same period last year.
First Gen president Peter Garrucho Jr. said during the firm’s annual stockholders’ meeting yesterday that revenues rose 15 percent to $ 217 million from $ 189 million in the first quarter of 2005.
Earnings before interest, taxes, depreciation and amortization grew 6 percent to $ 69 million from $ 65 million.
The firm also declared a cash dividend of P1.75 per share on all outstanding common shares in favor of stockholders of record as of June 2, 2006. Payment date has been set on June 16, 2006.
"We affirm our commitment to delivering dividends to our shareholders without sacrificing our growth aspirations," said Garrucho.
The P1.75 per share dividend is 2 percent higher that First Gen’s dividend policy of 30 percent of prior year’s recurring net income.
The move was based on recommendations of the board of directors after considering factors such as debt service requirements, implementation of business plan, operating expenses, budgets, funding for new investments and acquisitions, appropriate reserves and working capital.
For fiscal year 2005, First Gen reported another sterling performance with a net income of $ 87 million, up by 1 percent from its 2004 recurring profit of $ 84 million.
This came after another year of solid performance by the company’s three main projects: the 1,000-megawatt Santa Rita, the 500-MW San Lorenzo natural gas-fired power plants, and the 225-MW Bauang bunker-fired diesel power plant.
The favorable judgment in the arbitration case with Santa Rita’s contractor Siemens and the settlement of the dispute with the gas sellers also contributed to First Gen’s improved net income and financial position.
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