Trans-Asia net income up 43% to P542 million in 1H of 2016

Trans-Asia net income up 43% to P542 million in 1H of 2016

Trans-Asia Oil and Energy Development Corporation (TRANS-ASIA), PHINMA’s energy arm, posted a consolidated net income of P542 million for the first half of the year, up 43 percent from P377 million during the same period last year.

In a disclosure to the Philippine Stock Exchange, Trans-Asia said electricity sales rose 11 percent to P7.1 billion on the back of higher energy sales as its subsidiary South Luzon Thermal Energy Corporation (SLTEC) began operations of its second 135-megawatt (MW) circulating fluidized bed (CFB) coal-fired power plant in February. The second plant supplements the first 135-MW FCB coal plant that commenced operations in April last year.

Adding to the energy supply were the commercial operations of Power Barges 101 and 102 in February, with Power Barge 103 undergoing rehabilitation and is expected to resume operations by the second half of the year.

The company’s wholly-owned subsidiary Trans-Asia Renewable Energy Corporation (TAREC) continued operations of its 54-MW wind farm in Guimaras, which delivered 61.3 gigawatt-per hour (Gwh) during the first half of 2016.

Company affiliate Maibarara Geothermal Inc. (MGI) continued operations of its geothermal power plant and awarded the engineering, procurement and construction (EPC) contract for its expansion during the first quarter, with its 32-MW line scheduled to being commercial operations by next year.

The company is on track to widen its renewable energy ventures with new wind farm installation prospects in Guimaras and Cagayan, as well as oil and gas exploration.