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.