PHINMA Energy doubles year-to-date net income
PHINMA Energy Corporation (PHINMA Energy) disclosed a consolidated net income of Php 827 million for the nine month period ending September 30 2016, more than double the Php 398 million net income posted during the same period of the previous year.
Revenue from the sale of electricity in the period increased by 14% over the previous year to Php 11.2 billion brought about by higher energy sales in the company’s power supply business. Available energy for the year increased with commercial operation of the second 135 MW CFB coal-powered plant of South Luzon Thermal Energy Corporation (SLTEC), a 50-50 joint venture of PHINMA Energy with AC Energy Holdings Inc., and the commercial operation of the company’s Power Barges 101 & 102 in February 2016.
PHINMA Energy also remains strongly committed to renewable energy. Trans-Asia Renewable Energy Corporation (TAREC), a wholly-owned renewable energy subsidiary, continued operations of its 54-MW Wind Farm located in San Lorenzo, Guimaras, delivering 72.4 GWH of wind-powered electricity during the period. Maibarara Geothermal Inc. (MGI), where PHINMA Energy has a 25% interest in a joint venture with Petrogreen Energy Corp and PNOC Renewables Corp., continued operating its geothermal plant at a high level of capacity in 2016, producing 112.6 GWH during the period. MGI awarded the EPC contract for its line two expansion in the first quarter of 2016. Commercial operation of the expanded 32-MW line is expected by the second half of 2017. PHINMA Energy’s other expansion plans for renewable energy include new wind farm installation prospects for TAREC at Sibunag, Guimaras and Ballesteros, Cagayan.
PHINMA Energy Corporation is an integrated power solutions company engaged in power generation and electricity supply, renewable energy, and energy resource development. The company is committed to promoting clean and responsible power generation and electricity supply and empowering communities as a contribution to nation building.
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