Trans-Asia Oil and Energy Development Corp. said Thursday consolidated net income grew 43 percent in the first half to P542 million from P377 million in the same period last year.
Trans-Asia, the energy arm of the Phinma Group, said in a statement revenue from the sale of electricity increased 11 percent in the first six months to P7.1 billion.
The company said available energy increased as unit South Luzon Thermal Energy Corp. started the commercial operations of the second 135-megawatt unit of a circulating fluidized bed coal-powered plant in February.
The first 135-MW unit of the South Luzon coal plant started commercial operations in April 2015. South Luzon is Trans Asia’s joint venture with Ayala Corp.’s energy arm AC Energy Holdings Inc.
Trans-Asia said energy supply increased in the six-month period, boosted by commercial operations of Power Barges 101 and 102 in February. A third facility, Power Barge 103, is undergoing rehabilitation prior to commercial operations in the second half.
Trans-Asia Renewable Energy Corp., a wholly-owned subsidiary of the group which operates a 54-MW wind farm in San Lorenzo, Guimaras delivered 61.3 gigawatts of electricity in the first half.
Another affiliate, Maibarara Geothermal Inc., operated at a high level of capacity in the first half, except for mandatory maintenance in February.
Maibarara Geothermal is also expanding the power plant’s capacity to 32 MW from 20 MW by the second half . The geothermal plant is a joint venture of Trans-Asia with PetroGreen Energy Corp., a subsidiary of PetroEnergy Resources Corp. and PNOC Renewables Corp.
“Expansion plans of the company for renewable energy include new wind farm installation prospects at Sibunag, Guimaras and Ballesteros, Cagayan,” Trans-Asia said.
