Business Mirror
Published on Thursday, 11 July 2013 19:49 Written by Paul Anthony A. Isla
LISTED Trans-Asia Oil and Energy Development Corp. said on Thursday it has released P116.14 million from the proceeds of its 2012 stock rights offering (SRO).
In a disclosure to the Philippine Stock Exchange, Trans-Asia said it will use the funds for expenses in relation to its investment in a 54-megawatt (MW) wind energy project in San Lorenzo, Guimaras.
Francisco L. Viray, Trans-Asia president, told reporters the fresh funds will partly finance the project cost.
In June Trans-Asia also released P2.828 million from stock right offering for the same project.
Trans-Asia Renewable Energy Corp. has received the declaration of commerciality from the Department of Energy (DOE) for the 54-MW wind power project in San Lorenzo, Guimaras.
Trans-Asia earlier said the project is estimated to cost $150 million, which it hopes to finance through a combination of debt and equity from strategic partners.
“The wind energy projects present an attractive investment opportunity due largely to the financial incentives provided by the Renewable Energy Law. The company believes that it has a good opportunity of becoming one of the first major players in the wind energy sector. The company has 20 service contracts to explore, develop and produce energy from wind sources in different locations throughout the Philippines,” Trans-Asia said.
Trans-Asia’s net income grew by 295 percent to P164.9 million for the first quarter of the year from P41.8 million in the same period last year, while consolidated revenues increased to P431.7 million in the first quarter from P181.3 million in 2012.
The company attributed the significant improvement in its financial performance to higher net trading revenue from the power supply business.
Net trading revenue rose to P293 billion in the first quarter from P144 million last year owing to increased energy sales in kilowatt-hour as well as lower power costs. source
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