Published August 17, 2018, 10:00 PM By Myrna M.
Velasco
Due to the combined pull of lower
energy prices as well as escalating costs due to the government’s tax reform
program, listed firm PHINMA Energy Corporation had logged consolidated net loss
of P76 million in the first half.
That was a significant financial
performance reversal from the P298 million it posted in the same period last
year.
On the firm’s overall revenues, it
had also gone slightly leaner in January-June this year to P8.1 billion from
the 2017 level of P8.3 billion.
“The company posted a consolidated
net loss of P76 million in 2018 due to continued low prices in the competitive
energy supply market as well as higher costs resulting from excise taxes
imposed by the TRAIN (Tax Reform for Acceleration and Inclusion Act) Law,”
PHINMA Energy stated.
In the initial six months of the
year, the firm similarly booked P80 million in “actual and provisional costs on
soon-to-expire oil and gas service contracts.”
The company nevertheless indicated
that it is anticipating improvements in financial turnout in the coming months.
Moving forward, the company said it
“will continue initiatives to improve margins by expanding its wholesale
customer portfolio and lowering its cost of power.”
Its power generation facilities have
somehow posted favorable outcomes, with South Luzon Thermal Energy Corporation
(SLTEC) logging net income of P827 million on its 817 gigawatt-hours of
generation for the period.
SLTEC is 45 percent owned affiliate
of the Del Rosario-led PHINMA Energy. Of the total earnings, PHINMA Energy
noted that P500 million had been funneled to dividend payments.
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