PHINMA Energy profit surges to P1.4 billion

March 2017

PHINMA ENERGY Corp. posted a 53% increase in consolidated net income last year to P1.383 billion, the first time that the company breached the billion-peso mark as a new power plant started commercially operating, it said in a statement on Wednesday.

The income surge, from P906 million in 2015, came as electricity sales volume climbed by 33% to 2,947 gigawatt-hours (GWh) while revenue from the sale of electricity rose by 15% to P15.5 billion.

Last year’s generation capacity expanded with the commercial run in February 2016 of the second 135-megawatt (MW) circulating fluidized bed coal power plant of South Luzon Thermal Energy Corp. (SLTEC), the company’s partnership with the energy business of Ayala Corp.

Capacity also increased with the operation of two power barges in the same month, the company said.

Phinma Energy said the operation of SLTEC’s second unit resulted in the unit’s net income increase to P1.7 billion, half of which was equitized by the company. It also did the same for a P35-million income from its investment in an associate, Maibarara Geothermal, Inc.

Total equity in net earnings from associates increased to P886 million, more than double the previous year’s P372 million.

Last year, the company said it also grew its retail electricity business, “where it aims to become a significant player in the future.” It did not disclose details of the business segment.

Despite the coal plant’s significant contribution in driving profit, the company said it was committed to renewable energy.

During the year, its unit Trans-Asia Renewable Energy Corp. delivered 96.7 GWh of electricity from its 54-MW wind farm in Guimaras. The company said the contribution was a reduction from 108 GWh in the earlier year because of lower wind volume.

“Moving forward, [Phinma Energy] expects better wind volume in 2017 as indicated by the first two months of the year,” the listed company said.

Maibarara Geothermal, the company’s affiliate in geothermal energy, produced 152 GWh in 2016 from its 20-MW geothermal plant, a slight improvement from the 150 GWh produced in 2015.

For 2017, the company said it was looking forward to higher capacity from the commercial operation of power barge 103, which is expected to start contributing to income in the second half. In the same period, the company said Maibarara Geothermal’s second line expansion of 12 MW would be operational.

On Wednesday, shares in Phinma Energy slipped by 0.89% to P2.23 each.

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