MANILA, Philippines - Trans-Asia Oil and Energy Development Corp., the power generation company of the Phinma Group, reported a higher net income in the nine months to September on the back of strong electricity sales.
In a disclosure to the Philippine Stock Exchange (PSE) yesterday, Trans-Asia said its nine-month income rose 36 percent to P474.1 million from P347.8 million a year ago.
Trans-Asia president Francisco Viray said this was brought about by higher revenues from higher electricity sales.
“Our year-to-date consolidated net income as of September 2013 is 36 percent better than last year mainly due to higher revenues,†he said.
Trans-Asia has various investments in the energy sector. The company has power generation businesses by itself and through South Luzon Thermal Energy Corp., Trans-Asia Power Generation Corp. and CIP II Power Corp.
Trans-Asia is also involved in renewable energy development via Trans-Asia Renewable Energy Corp. and Maibarara Geothermal, Inc. as well as in electricity supply as a licensed retail electricity supplier (RES) and a licensed wholesale aggregator (WA).
The company plans to double its power capacity to 400 megawatts (MW) in the next few years upon completion of a new 135-MW clean coal power plant in Calaca, Batangas in partnership with the Ayala Group; an integrated 20-MW geothermal project in Sto. Tomas, Batangas with the Yuchengco Group and the Philippine National Oil Co.; and the 54-MW San Lorenzo wind farm in Guimaras Island.
Apart from power generation and supply, Trans-Asia also maintains a strong presence in its original business of oil and gas exploration, having various investments in various energy service contracts.