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MANILA - Trans-Asia Oil and Energy Development Corp.'s profit rose by more than two-thirds in the first half on account of an increase in electricity sales.
In a financial report, Trans-Asia said earnings rose to P220.44 million in the first six months ending June, 70 percent higher than a year ago.
The company attributed its performance to sales growing by more than 65 percent to P772.09 million as a result of the supply agreement inked for its 3.4-megawatt diesel plant in Guimaras in March last year, as well as of the increase in electricity spot market prices this year owing to higher demand compared with last year.
Fransisco Viray, Trans-Asia president, earlier said the company expects net income to increase by 20 percent this year once open access and the company's new power plants are up and running on account of a projected increase in new customers.
"We expecting that to be the major growth driver in terms of customers," he said. Regulators earlier set the start of open access in October.
Trans-Asia is the energy unit of the Phinma Group. Besides operating its Guimaras plant and trading at the spot market for electricity, the company also generates the electricity requirements of Holcim Philippines, Inc.'s cement plants in La Union and Bulacan.
Trans-Asia also administers and manages the 116-megawatt diesel plant of One Subic Power Generation Corp., as well as supplies several electric cooperatives in Luzon.
The company is developing a 54-megawatt wind farm in Guimaras, a 135-megawatt coal plant in Batangas and a 20-megawatt geothermal project in Batangas and Laguna.
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