National Power Corp. likely incurred a net loss of P63.19 billion in 2008, the first time after three years of continued profitability, documents from the Budget and Management Department show.

Philippine National Oil Co. and National Electrification Administration were also expected to post lower profits, according to the Budget Department?s National Expenditure Program for 2009.

The document showed that Napocor had a net income of P119.29 billion in 2007 although the power firm reported earnings of P136.07 billion based on its 2007 annual report.

Napocor?s foreign currency exchange loss of P44.25 billion contributed to the decline in its financial position last year.

Napocor reported foreign exchange gain of P112.08 billion in 2007.

Napocor?s revenues were seen going down to P45.42 billion in 2008 against P62.72 billion in 2007 due to higher cost of sales.

Napocor registered a net income of P90 billion in 2006 and P85.99 billion in 2005 from a net loss of P29.9 billion in 2004.

?We haven?t closed our books. We expect a net loss last year. I don?t want to give definitive answers right now,? Napocor president Froilan Tampinco said, when asked about company?s financial figures for 2008.

Tampinco said Napocor was facing challenging times this year, especially with the global economic crunch. He said the foremost concern was to ensure the company?s financial viability.

?We plan to address that by improving our revenue generation,? Tampinco said.

PNOC, meanwhile, was projected to generate a lower net income of P1.09 billion in 2008 from P64.51 billion a year ago after the company sold its stake in PNOC-Energy Development Corp. to First Gen Corp. for P58.5 billion.

PNOC also sold its interest in Petron Corp., the country?s biggest oil refiner, to the Ashmore Group. for P25 billion in 2008.

The budget report also showed that NEA?s net income declined to P282.01 million in 2008 from P570.10 million the previous year. Alena Mae S. Flores