Trans-Asia posts higher income

MANILA, Philippines - Trans-Asia Oil and Energy Development Corp. of the Phinma Group posted a consolidated net income of P298.3 million in the first half of the year, the company said in a disclosure to the Philippine Stock Exchange (PSE) yesterday.

The amount is 35 percent higher than the P220.4 million posted in the same period last year, data from the company showed.

Higher income came from its strong electricity sales during the period, Trans-Asia president Francisco Viray said.

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

Trans-Asia also announced that it declared a dividend composed of shares of stock in Trans-Asia Petroleum Corp. (TAP) at the rate of 2.55 TAP shares for every 100 Trans-Asia share held and cash in the amount of P0.013 per share to Trans-Asia’s shareholders of record as of Aug. 5.

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 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 continues to maintain a strong presence in its original business of oil and gas exploration, having various investments in various energy service contracts.