For the first quarter ending March 31, 2010, First Philippine Holdings Corporation (First Holdings) posted a net income of P24.6 billion. This was driven by the P23.6 billion combined gain on the sale of Meralco shares (6.6%) to Beacon Electric Asset Holdings, Inc. and the mark-to-market restatement of its Meralco shares.

With the remaining shares in Meralco of approximately 6.6%, First Holdings’ investment will now be carried in its financial statements as “Available–for-Sale (AFS) Financial Assets” which will then be adjusted on a regular basis for changes in the market price of Meralco.

Without the gain on sale, net income for the quarter would have been P1.0 billion which is significantly higher than last year’s net profit of P178 million due to the surge in earnings contribution of subsidiaries. First Gen, First Holdings’ largest contributor to the bottomline, reported a net income of $36.1 million for the quarter, a 166% increase over last year.

First Holdings’ Chairman and CEO, Oscar M. Lopez, remarked, “With the impressive first quarter recurring results, particularly coming from our subsidiaries, we believe that we are well on our way to achieving the next growth cycle for First Holdings and providing concrete and sustainable value for our stakeholders.”

Last May 5th, EDC, through Bac-Man Geothermal Inc., won the bidding for the 150-megawatt (MW) Bacon-Manito geothermal power plant in Bicol with an offer of $28.25 million.

The First Holdings Board approved on May 6, 2010 the declaration of a P1.00 cash dividend to common shareholders of record as of May 20, 2010 payable on or before June 7, 2010.