Phinma Energy Corp.’s income jumped 53 percent after surpassing the P1-billion income mark last year from generating higher sales volume and an additional non-recurring income from selling a partial stake in one of its power plants.
The firm’s consolidated net income totaled P1.383 billion from the previous year’s P906 million.
Electricity sales volume went up 33 percent to 2, 947 gigawatt-hours (gWh), and revenue from the sale of electricity jumped 15 percent to P15.5 billion.
Sales increase can be attributable to higher available generation capacity on the back of the commercial operations of the second unit of South Luzon Thermal Energy Corp. (SLTEC) with 135 megawatts (MW) and its Power Barges 101 and 102 in February last year.
Phinma sold five percent of its stake in SLTEC to Marubeni Group’s unit Axia Power Holdings Philippines Corp. It posted a P444 million gain towards the end of the year.
“The investment by Marubeni in SLTEC validates the confidence of the partners in Phinma Energy’s power plant management capabilities, and also paves the way for the partners to jointly examine power projects in the future,” Phinma said in a statement.
Despite the sale, the power firm remains the largest shareholder of SLTEC, followed by its project partner Ayala with 35 percent, and Marubeni with 20 percent.
Phinma also generated net earnings from its affiliate Maibarara Geothermal Inc. (MGI) for P35 million, while its renewable energy subsidiary Trans-Asia Renewable Energy Corp. generated 96.7 gWh of electricity from its 54-MW wind farm in Guimaras, down from 108 gWh it produced in 2015.