Trans-Asia income falls 27% in H1

MANILA, Philippines - Trans-Asia Oil and Energy Development Corp., the listed power company of the Phinma Group, reported a net income of P216 million in the first half of the year, 27 percent lower than the year-ago figure.

In the same period last year, Trans-Asia posted a net income of P297 million, the company said in its quarterly report to the Philippine Stock Exchange.

In the report, Trans-Asia said revenues dropped during the period due to the decrease in energy sold to power plants in Bulacan and La Union brought about by lower prices at the Wholesale Electricity Spot Market (WESM), the country’s trading floor for electricity.

Consolidated revenues, meanwhile, dropped to P632 million in the first half of the year from P1 billion generated in the same period last year.

In the second quarter, consolidated revenues dropped to P309.80 million from P 610.31 million in the same period last year, it said.

On the other hand, general and administrative expenses increased to P108.86 million from P76.14 million, brought about by higher taxes and licenses, insurance, dues and subscriptions.

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 and a licensed wholesale aggregator.

The company said it is aiming 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 Guimaras wind farm.