Trans-Asia Oil reports Q1 net income up fourfold y-o-y

Higher electricity sales and new power supply contracts boosted the net income of listed Trans-Asia Oil and Energy Development Corporation by almost fourfold in the first quarter of 2013.

 

In a disclosure to the Philippine Stock Exchange on Monday, Trans-Asia said net income surged by 295 percent to P164.9 million in the first quarter of 2013 from P41.8 million a year earlier.

 

Consolidated revenues increased to P431.7 million in the first quarter of 2013, a 138-percent increase from P181.3 million in the same comparable period. 

 

Net trading revenue, reflecting electricity sold through the Wholesale Electricity Spot Market (WESM), grew by 103 percent to P293 million from P144 million on the back of increased energy sales in kilowatt per hour and lower power costs.

 

Generation revenue surged by 285 percent to P68.88 million from P17.86 million due to energy sold by Trans-Asia Power Generation Corporation, which became a wholly-owned unit on January 1 and CIP II Power Corporation which commenced operation last January.

 

Interest and other financial income jumped 285 percent to P63.56 million from P16.49 million due to interest income from an escrow account and gains from the sale of bonds while dividend income was at P5.13 million, or 370 percent higher than P1.09 million last year because of the dividends received from Phinma Corporation.

 

Earnings per share was higher at P0.034 compared to P0.015.

 

Trans-Asia supplies power to Holcim Philippines in Bulacan and La Union, Quezon I Electric Cooperative Inc., and Sorsogon I Electric Cooperative Inc., as well as sells electricity to WESM.

 

In December 2012, the company started to supply power to Lafarge Republic Inc. and the Cavite Economic Zone. 

 

On February 27, Trans-Asia amended its agreement with Sem-Calaca Power Corporation to purchase up to 45 megawatt from 15MW from the Sem-Calaca plant.

 

Meanwhile, Trans-Asia said it is on track toward commissioning the 20-MW Maibarara Geothermal Inc. power plant, a joint venture agreement with PetroGreen Energy Corporation and PNOC RC, by the second half of 2013 while the first 135 MW of South Luzon Thermal Energy Corp. is 39 percent complete and is expected be operational by the last quarter of 2014.

 

Recently, the Department of Energy confirmed the Declaration of Commerciality of Trans-Asia Renewable Energy Corporation, covering the company's 54-MW Wind Power project in San Lorenzo, Guimaras and converting the project from pre-development to development or commercial stage.

 

Apart from power generation and supply, it also has interests in oil and mineral exploration and production. — Danessa Rivera/VS, GMA News