by Myrna Velasco, 19 August 2015
from Manila Bulletin
Net income of publicly-listed Trans-Asia Oil and Energy Development Corporation significantly jumped 74-percent to P377 million in the first half this year from the year-ago level of P216 million, on revenue streams from its power business.
In a press statement, the company noted that its performance was primed “by its power business, as evidenced by Trans-Asia’s revenue from generation which increased by 104 percent for the second quarter of 2015 as compared to that of 2014 performance.”
The firm’s stream of revenues from its power generation business had climbed substantially to P753 million from P369 million in the same period last year.
It stressed that revenues from trading at the Wholesale Electricity Spot Market (WESM) had also been up 21-percent to P398 million from the year-ago level of P329 million despite “lower cost of power from WESM.”
The first phase of the 135-megawatt of their South Luzon Thermal Energy Corporation (SLTEC) reached full commercial operation April this year. The facility is its 50-50 joint venture with AC Energy with the Ayala group.
Trans-Asia president Francisco L. Viray has indicated that the company is inclined “to continue the substantial growth of our company’s bottom line, especially now that we have a baseload plant,” referring to the SLTEC power facility.
He added that the second phase of 135MW capacity would be able to sustain the momentum of the company’s buoyant financial outcome. This is targeted for commissioning latter part of this year.
“The construction of SLTEC’s second 135MW unit is well underway and is in final stages of completion,” the company said.
Adding to its portfolio that will bring in higher cash stream is its recent assets acquisition – the Power Barges 101, 102 and 103.
“With a combined capacity of 96MW, the barges are expected to contribute to the energy needs in the Visayas, where they will be stationed,” Trans-Asia has emphasized.
Given the country’s growing power needs, Trans-Asia noted that it will help keep pace with demand via its planned investments moving forward. (MMV)