First Philippine HoldingsFor the year ended Dec. 31, 2020, recurring net income (RNI) attributable to First Philippine Holdings Corporation (FPH) amounted to P9.4 billion, a 21% or P2.6 billion decline from last year’s P12.0 billion. The downturn was caused by the weaker operating results of the group’s energy, real estate and construction and energy services businesses, mainly reflecting the financial impact of the community quarantine measures implemented by the government in response to the COVID-19 pandemic.

The net income attributable to FPH also decreased by P2.7 billion or 22%, from P12.6 billion in 2019 to P9.9 billion in 2020, reflecting the slide in RNI partly tempered by the net nonrecurring gains booked during the year largely on account of the proceeds from insurance claims, the feed-in tariff rate escalation adjustments and favorable foreign exchange movements during the year, partly offset by pandemic-related expenses incurred by the group.

The FPH Group’s total revenues decreased by P26.3 billion or 20%, from P133.6 billion in 2019 to P107.3 billion in 2020. The decline was largely caused by the economic disruptions of the COVID-19 pandemic that brought about lower sales of electricity caused by lower demand and spot market prices, lower commercial leasing and geothermal well drilling revenues, and lower volume of electrical transformer sales.