First Philippine Holdings CorporationFor the first half ended June 30, 2016, First Philippine Holdings Corporation (FPH) posted an attributable net income of P3.6 billion, higher by 34% from last year.

The increase in earnings was mainly due to stronger margins on electricity sales, the receipt of P1.0B (net of tax) liquidated damages related to the San Gabriel plant and higher dividends from Meralco.

The corresponding recurring net income grew 24% from P2.2B last year to P2.8B this year. This was largely driven by the stronger recurring earnings of the First Gen Group and lower parent expenses for the period.