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The net income of Trans-Asia Oil and Energy
Development Corp. (TA Oil), a unit of the Phinma group, jumped
three-fold last year compared to the previous one mainly due to the
acquisition of CIP II Power Corp. (CIPP) in December.
During the annual stockholders’
meeting on Monday, outgoing TA President and CEO Antonio V. del
Rosario said the company’s consolidated net income grew to P327
amillion in 2006 from about P100 million in 2005 after TA Oil
acquired CIPP, a power generation and distribution company catering
to locators in the Carmelray Industrial Park in Laguna from Ascendas
Utilities Pte Ltd.
CIPP has an estimated fair value
of about P271 million.
TA Oil’s total assets also
increased by P713.6 million to P2.7 billion while liabilities
increased by 339 million to P455 million in 2006 because of the said
acquisition.
The company also reported that
its subsidiary TA Power Generation Co. (TA Power) continued to post
profits, with net income of P115 million for 2006, and has been
debt-free since it settled all its obligations last year.
The company’s 3.4 MW power
plant in Guimaras, which supplies about half of the island’s power
needs, registered over P11 million in earnings. Fransisco L. Viray,
TA Oil executive vice president, said that TA Oil’s participation
in the Wholesale Electricity Spot Market also continues to be
lucrative although he did not divulge figures.
Viray, former Energy secretary,
is set to assume the post of del Rosario effective April 2. Del
Rosario will continue to be with the board.
--Euan Paulo C. Añonuevo
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