By Lenie Lectura - March 1, 2018
PHINMA Energy Corp.’s net income
plunged 75 percent to P347 million last year, from P1.383 billion in 2016.
In its disclosure to the Philippine
Stock Exchange, Phinma Energy said the “margins in the electricity supply
business were challenged by continued low market prices due to the
competitive supply environment.”
The company, formerly Trans-Asia Oil
and Energy Development Corp., said the income it registered in 2016 was mainly
due to several transactions that year.
For one, it was in December 2016
when the company booked a P472-million gain on the sale of its 5-percent share
in South Luzon Thermal Energy Corp. to Axia Power Holdings Philippines Corp.
The company also sold that year transmission lines in Guimaras and La Union to
the National Grid Corp. of the Philippines.
Also in 2016, Phinma Energy booked
approximately P830 million in recurring income from electricity supply and
income generated from independent power producers, and P81 million in financial
and other income.
Despite a dismal performance last
year, Phinma Energy ended 2017 as the second-largest single electricity
supplier with a market share of 12.2 percent. The company also declared regular
dividends of P0.04 per share for shareholders as of record date of March
14 and payment on April 5.
The company earlier entered into a
Solar Energy Service Contract with the Department of Energy, granting it the
exclusive right to explore, develop and utilize the solar energy resource in a
648-hectare area in the municipality of Bugallon, Province of Pangasinan.
“Predevelopment activities, such as
yield assessment, environmental-impact study and system-impact study are under
way and are expected to be completed within the year,” it said.
The term of the service contract is
25 years, extendable for another 25 years.
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