Phinma energy arm income up on sales hike

Trans-Asia Oil and Energy Development Corp. (Trans-Asia) disclosed that its income for the first quarter grew more than four times compared to the January-March period last year.

The energy development arm of the Phinma group posted a consolidated net income of P265 million for the first three months from P65 million in the same period of 2015.


Electricity sales improved with a 26-percent jump in sales volume. Revenue for the first three months of the year reached P3.13 billion, an increase of P217 million or 7 percent from P2.91 billion in the previous year. Trans-Asia credited the increase in revenue to the successful operations of the company’s 54-megawatt (MW) wind farm and power plant project in San Lorenzo, Guimaras province.

The wind farm, which was completed in December 2014 through fully owned subsidiary Trans-Asia Renewable Energy Corp. (Tarec), delivered 45 gigawatt-hours (gWh) of wind-powered electricity during the first quarter of this year.


Subscribe to Inquirer Business Newsletter
Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, economy, hike, income, News, sales, Trans-Asia, Trans-Asia Oil and Energy Development Corp.
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.