Trans-Asia Oil and Energy Development Corp., the energy arm of PHINMA Group, has reported significant growth in its consolidated net income for the first half of the year driven by its power business, the company announced Wednesday.
Trans-Asia’s consolidated net income in H1 reached P377 million, 74 percent higher than last year’s net income of P216 million.
The increase was primarily driven by Trans-Asia’s revenue from power generation, which increased by 104 percent in the second quarter of 2015 to reach P753 million, compared to year-earlier revenues of P369 million.
Trans-Asia’s net revenues from electricity trading in the spot market also grew by 21 percent to P398 million in the second quarter. The company attributed the gain to lower costs of power in the Wholesale Electricity Spot Market (WESM).
Trans-Asia mainly attributed its positive performance to increased generation capacity after the completion of the first 135-megawatt (MW) Unit of South Luzon Thermal Energy Corp. (SLTEC).
SLTEC is a 50-50 joint venture of Trans-Asia with AC Energy of the Ayala Group.
Trans-Asia President Francisco Viray said they expect substantial growth of the company’s bottom-line, especially now that they have a baseload plant.
“We are hopeful that we can sustain this momentum with the commercial operations of SLTEC Unit 2, which would add another 135MW, before the year ends,” said Viray.
Unit 2 of SLTEC is in the final stages of completion, the company said.
The company also recently acquired power barges 101, 102 and 103 from state-run Power Sector Assets and Liabilities Management (PSALM).
With a combined capacity of 96MW, the barges are expected to contribute to the energy needs of the Visayas, where they will be stationed.
Trans-Asia in an integrated power solutions company of the PHINMA Group and is engaged in power generation and electricity supply, wind energy development and energy resource development.