FIRST Gen Corp. reported on Thursday a 4 percent increase in its 2023 attributable recurring net income to $277 million (about P15.40 billion) from $265 million (P14.30 billion) in 2022, mainly due to "record" earnings from its geothermal portfolio.
In a disclosure, First Gen said that subsidiary Energy Development Corp.'s (EDC) geothermal portfolio "delivered record earnings" on higher electricity prices while its parent firm, Lopez-led First Philippine Holdings Corp., benefited from higher interest rates on internally generated cash.
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