First Philippine HoldingsConsolidated net income attributable to First Philippine Holdings Corporation (FPH) reached P9.93 billion for the year ended December 31, 2016.

This is P4.53 billion or 84% higher than last year’s P5.40 billion driven by the strong recurring net income (RNI) of the group and one-off gains coming from the arbitration settlement received by the First Philec group and the liquidated damages received by First Gen Corporation for the San Gabriel plant.

RNI attributable to FPH amounted to P5.92 billion, higher by P687 million or 13% compared to last year’s P5.24 billion because of stronger recurring earnings from the energy and real estate businesses as well as the favorable results of the parent.

Total assets of the group increased by P5.99 billion or 2% to P346.88 billion as of December 31, 2016. This largely reflects the completion of the San Gabriel and Avion plants, land acquisitions and property development costs during the year.