Holding company Phinma Corp. said net income in 2015 surged 61 percent in 2015 to P486 million from P302 million a year ago on higher income contribution from the education, steel roofing and energy businesses.
Phinma said in a disclosure to the stock exchange consolidated revenues in 2015 reached P5.7 billion, up 5.7 percent over P5.4 billion in the previous year.
Phinma’s education unit Phinma Education Holdings Inc. in 2015 registered a 14-percent increase in revenues to P407.2 million, as total enrolment from five schools reached 51,351.
Phinma Education last year acquired Southwestern University, a premier medication school in Cebu City. It also opened a University of Pangasinan satellite campus in Urdaneta City.
The group’s affiliate Trans-Asia Oil and Energy Development Corp., the company’s affiliate in the energy sector, benefitted in 2015 from increased demand for energy in line with the robust economic growth, as well as lower average prices on power purchases in the Wholesale Electricity Spot Market.
Sales of the company’s energy supply group increased 31 percent to 2,216 GWh in 2015 while the wind energy sector posted sales of 108 GWh from a full years’ operation of the San Lorenzo Guimaras wind farm.
Consolidated net income of TA Oil increased to P906 million from P180 million in 2014.
TA Oil affiliate South Luzon Thermal Energy Corp. in February began commercial operation of a second 135-MW clean coal-fired power plant.
TA Oil this year is expected to complete the rehabilitation of three power barges acquired from Power Sector Assets and Liabilities Management Corp. The three barges have a combined capacity of 96 megawatts, bringing the total generation capacity of TA Oil to 626 MW by the end of 2016.
TA Oil has also lined up the 12-MW expansion of affiliate Maibarara Geothermal Inc., which is scheduled for commercial operation by the third quarter of 2017.
The company will continue to develop more coal, wind and geothermal projects, with an overall strategy to double existing generation capacity to 1,200 MW over the next five years.
The group’s Phinma Properties is set to start developing a new tropical-themed Hacienda Balai condominium project in Sta. Rosa, Laguna. The company is also exploring projects in Cebu, Naga, Lipa, Cagayan de Oro, and Bulacan.