First Gen Q1 net dips to $81M

LOPEZ-LED First Gen Corp. (First Gen) on Wednesday said that attributable recurring net income for the first quarter had fallen by 9 percent to $81 million, from $89 million in the same period last year, on lower volumes of electricity sold.

In a disclosure, the company said that revenues also fell by 9 percent, to $596 million from $652 million last year, as electricity sales from most of its generation platforms except for hydro decreased.