First Gen Corp. is asking investors to look past the earnings drop and see a cleaner, more renewables-heavy company emerging from the sale of most of its gas business. The problem is that the transition is already consuming cash. The Lopez-led power producer reported a 15.7% decline in consolidated net income to ₱5.45 billion in the first quarter, while net income attributable to parent shareholders fell 23.8% to ₱3.63 billion . Recurring net income attributable to the parent dropped 24.7% to ₱3.38 billion , underscoring that the decline was not merely an accounting quirk. On the surface, the quarter had plenty for bulls to like. Revenue from electricity sales rose 32.2% to ₱15.34 billion , driven by stronger geothermal, wind and solar output under Energy Development Corp., as well as a strong quarter from the Pantabangan-Masiway hydro complex. EBITDA climbed to ₱7.64 billion from ₱6.45 billion a year earlier. But underneath that growth, investors got a reminder that Firs...