Trans-Asia earnings surge almost 4-fold

MANILA, Philippines - Trans-Asia Oil and Energy Development Corp. of the Phinma Group posted a consolidated net income of P164.9 million in the first quarter of the year, nearly 300 percent more than the P41.8 million posted a year ago.

The company currently supplies power to major customers such as Holcim Philippines in Bulacan and La Union and Quezon II Electric Cooperative. Other clients include Lafarge Republic Inc. and the Philippine Economic Zone Authority through the Cavite Export Processing Zone this year.

Trans-Asia has various investments in the energy sector, with 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 said it is aiming to double its power capacity to 400 megawatts 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-megawatts San Lorenzo wind farm in Guimaras Island.

Apart from power generation and supply, Trans-Asia also continues to maintain a strong presence in its original business of oil and gas exploration, having various investments in various energy service contracts such as Service Contract (SC) 6, SC 14, SC 51, SC 55 and SC 69. It has an option to acquire participating interest in SC 52.