Trans-Asia Oil and Energy Development Corp. has bagged a net income of P377 million for the first half of 2015, according to a disclosure from the Philippine Stock Exchange (PSE) Tuesday.
“Please be informed that at the regular meeting of the Board of Directors of Trans-Asia Oil and Energy Development Corp. held today, the Financial Statements for the first half of 2015, showing consolidated net income of P377 million were approved,” the company said Tuesday.
No other details were provided.
However, one of the projects that had likely contributed to its first half income is the commercialization of the first 135-MW unit of South Luzon Thermal Energy Corp. (SLTEC) in April, a 50-50 joint venture company with AC Energy Holdings Inc.
Meanwhile, Trans-Asia’s gains for the third quarter of 2015 will also likely be propelled by its newly acquired three power barges last July 8. It has a capacity of 32 MW and was acquired from the Power Sector Assets Liabilities and Management (PSALM) for P420 million.
For the first quarter of 2015, Trans-Asia has gained a net income after tax of P65 million, significantly lower than last year’s net income after tax of P110 million.
However, the firm’s gross revenues is higher for the first quarter of 2015 at P532 million compared to last year’s P458 million.
Besides SLTEC and the three power barges, Trans-Asia owns diesel power plants in Norzagaray, Bulacan; Bacnotan, La Union; Guimaras and Subic.
It also owns and operates the 52-MW wind farm in San Lorenzo, Guimaras, along with its stake in the 20-MW Maibarara Geothermal power plant.
But, it also holds a portion of the capacity of Sem-Calaca power plant owned by Semirara Mining and Power Corp.’s and a 40-MW capacity from the Unified Leyte Geothermal Power Plant.
Trans-Asia Petroleum, a wholly-owned subsidiary of Trans-Asia Oil and Energy Development Corp., also holds stakes in Service Contract 51 located in Eastern Visayas, Service Contract 55 based in Offshore West Palawan, Service Contract 6 Block A & B found in Northwest Palawan and Service Contract 69 located in Camotes Sea, Eastern Visayas.
Trans-Asia Oil and Energy Development Corp. is a subsidiary of PHINMA Inc., established on September 8, 1969.