MANILA, Philippines—Publicly listed Trans-Asia Oil and Energy Development Corp. of the Phinma group disclosed Tuesday that its net income reached P298.3 million for the first six months of 2013.
Company president Francisco L. Viray said the first-half consolidated net income was 35 percent better than the same period in 2012 “due to higher revenues.” He did not provide further details.
Earlier, Trans-Asia said in a disclosure to the Philippine Stock Exchange that it had also declared property and cash dividends.
“The corporation declared a dividend composed of shares of stock in Trans-Asia Petroleum Corp. (TAP) at the rate of 2.55 TAP shares for every 100 Trans-Asia shares held, and cash in the amount of P0.013 per share to Trans-Asia’s shareholders of record as of Aug. 5, 2013, with shareholders residing in the US receiving cash of P0.0385 per Trans-Asia share in lieu of TAP shares and the P0.013 cash dividend, subject to the approval of the Securities and Exchange Commission and other regulatory agencies,” Trans-Asia said.
For the first quarter of 2013, Trans-Asia reported P431.7 million in consolidated revenue (more than double the P181.3 million reported in the same period in 2012) and a net income of P164.9 million (more than thrice the P41.8 million in the same period in 2012).
Trans-Asia attributed the significant improvement in its financial performance to its robust power supply business as its net trading revenue grew to P293 million on increased energy sales as well as lower power costs.
Trans-Asia owns and operates various power generation facilities. It also sells electricity through bilateral contracts and through the Wholesale Electricity Spot Market (WESM). The company has stakes in several petroleum exploration, development and production contracts as well.