Trans-Asia Oil raises 2012 earnings 15% to P471 M

MANILA, Philippines - Trans-Asia Oil and Energy Development Corp., a listed energy firm owned by the Phinma Group, reported yesterday a 15- percent increase in its net income for 2012.

In a disclosure to the Philippine Stock Exchange (PSE), Trans-Asia Oil said income rose to P471 million from P408 million in 2011.

Trans-Asia Oil is a major player in oil and gas exploration and a fully diversified enterprise engaged in power generation by itself and through South Luzon Thermal Energy Corp., Trans-Asia Power Generation Corp. and CIP II Power Corp.

It has also started its foray in the renewable energy sector via Trans-Asia Renewable Energy Corp. and Maibarara Geothermal Inc.

Furthermore, the company is a licensed retail electricity supplier (RES) at the Wholesale Electricity Spot Market, the country’s power trading platform.

Together with conglomerate Ayala Corp., through its power subsidiary AC Energy Corp., Trans-Asia Oil will start operating a P12-billion power plant joint venture in Calaca, Batangas in the third quarter of 2014.

Trans-Asia Oil president Francisco Viray earlier said the two companies are on track with their Calaca project, with construction ongoing.

The two companies signed the joint venture agreement in 2011 to jointly develop and operate the 135-megawatt coal power plant in Calaca.