Monday, April 10, 2017

PHINMA Energy logs P1.38-B net income last year

Published March 24, 2017, 10:00 PM By Myrna M. Velasco

It was an exceptionally good year for PHINMA Energy Corporation as it logged 53-percent increase in net income in 2016 to P1.383 billion from the year-ago level of P906 million.
The company’s phenomenal profitability was generally underpinned by strong sales at 33-percent growth during the period to 2,947 gigawatt hours (GWh), translating to 15-percent revenue increase that reached P15.5 billion.
PHINMA Energy noted that its “available generating capacity increased” when the second unit of its South Luzon Thermal Energy Corporation’s (SLTEC) coal-fired plant – which is of 135-megawatt capacity, came on stream.
“The commercial operation of SLTEC’s Line 2 plant resulted in net income increase to P1.7 billion for SLTEC, half of which was equitized by PHINMA Energy,” the company has noted.
That had been complemented by the commercial operations of Power Barges 101 and 102, – its acquisition from the Power Sector Assets and Liabilities Management Corporation.
Last year’s favorable financial performance also enabled PHINMA Energy to post increase of “total equity in net earnings from associates” at P886 million from a leaner P372 million in 2015.
Apart from its corporate name change, it was also a considerable ‘transformation period” for PHINMA Energy – with the entry of Marubeni Corporation on its SLTEC ventures following sell-down process that its Ayala Group partner had undertaken.
Moving forward, the retail segment of its business is being pushed as a “growth trajectory” for the Del Rosario-led PHINMA Energy.
As of its last discussion with the media, the company noted that it was already inching close to cornering up to 200 retail supply contracts (RSCs) into the competitive retail regime of the industry – and that could redound to a target of 400MW capacity.

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