Trans-Asia earnings up 43% in H1

MANILA, Philippines - Trans-Asia Oil and Energy Development Corp. reported a net income of P542 million in the first semester, a 43-percent increase from P377 million in the same period last year.

The company said revenue from the sale of electricity for the period increased 11 percent to P7.1 billion “largely brought about by higher energy sales in the power supply business.”

Trans-Asia said available energy increased this year after subsidiary South Luzon Thermal Energy Corp. started operating its second 135-megawatt (MW) circulating fluidized bed coal-powered plant in February, supplementing the first 135-MW unit that started commercial operations in April 2015.

Adding to the higher energy supply is the commercial operations of power barges 101 and 102 also in February this year.

The company also has renewable energy in its portfolio. Its wholly-owned subsidiary Trans-Asia Renewable Energy Corp., which operates the 54-MW wind farm located in San Lorenzo, Guimaras, delivered 61.3 gigawatt-hours of wind-powered electricity during the first half. 

The company expects to boost energy supply from its portfolio with the addition of new projects.