Trans-Asia income climbs 295%

Manila Bulletin 
By Myrna M. Velasco 
Published: May 21, 2013 
Buoyed by increased energy sales, the net income of publicly-listed Trans-Asia Oil and Energy Development Corporation climbed significantly by 295-percent in the first quarter to P164.9 million from the year-ago level of P41.8 million.
In terms of revenues, the significant up-tick was evident with P431.7 million turnover during the period from P181.3 million the previous year.
The rosier turnout in the period also set leeway for the company to post retained earnings increase to P2.11 billion from P1.95 billion in the same quarter in 2012.
 “The significant improvement in TA’s financial performance was due to higher net trading revenue from the power supply business which increased from P144 million in the first quarter of 2012 to P293 million in the first quarter of 2013,” the firm has detailed out in a press statement.
It added that this was mainly due to “increased energy sales in kWh (kilowatt hours) as well as lower power costs.”
The company’s earnings per share also doubled during the period to P0.034 vis-à-vis the previous year’s P0.015.
It similarly emphasized that the rate of return on stockholders’ equity climbed to 2.36-percent in the quarter from 0.93-percent in the same 2012 period.
This 2013 is considered a banner year for the listed firm, as this is the targeted implementation period for many of its power projects – including the coal plant ventures with the Ayala group and its planned 54-megawatt wind power project in Guimaras.
The anticipated commercial operation of the 20-megawatt Maibarara geothermal project is also seen contributing to a heftier bottom-line this 2013. Trans-Asia is part of the Maibarara Geothermal Inc. (MGI) consortium.
“Overall steam field construction accomplishment is 80-percent; whereas power plant construction has reached 88-percent completion . MGI is on track to commission the plant by the second half of 2013,” the company stressed.
For its oil and gas exploration projects, the one with hurdle is Service Contract 55 covering the Cinco-1 well which should have been scheduled for drilling this year.
The service contract’s major equity holder and Trans-Asia partner BHP Billiton earlier lodged a force majeure notice with the Department of Energy (DOE) on account of the continued withholding of the Sangguniang Panlalawigan (Provincial Board) of Palawan of its go-signal, “which has caused the undue delay in the drilling.”   source