PHINMA Energy Corporation #PHEN

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PHINMA Energy Corporation (PHINMA Energy or the Company) disclosed on May 15, 2017 its first quarter 2017 financial results.


By the end of the first quarter of 2017, PHINMA Energy successfully switched contestable customers with over 100MW in peak load demand. As of March 2017, PHINMA Energy holds a 12% market share, making it the second largest single Retail Electricity Supplier in the country. Revenue from the sale of electricity correspondingly increased 16% to Php 3.6 billion on higher energy sales from the Company’s power supply business. During the period, however, company affiliate South Luzon Thermal Energy Corporation carried out scheduled preventive maintenance and shutdown on both line 1 and line 2 coal fired power plants. As a result, equity in net earnings of associates of the Company decreased to Php 82 million in the first quarter of 2017, from Php 119 million in the previous year. Interest and financial charges of the Company for the period increased to Php 158 million from Php 117 million in the previous year. New long term loans were availed of to fund new equity capital in Trans Asia Renewable Energy Corporation (TAREC). Resulting consolidated net income of the Company decreased to Php 77 million in the period, from Php 265 million in the previous year.

The Company continues to be committed to renewable energy. TAREC, the wholly-owned renewable energy subsidiary of the Company, delivered 49.2 GWh of electricity over the period from its 54-MW Wind Farm in Guimaras, an increase over the 45.0 GWh delivered in the previous year, on higher wind volume. Revenue from the Guimaras wind farm correspondingly increased 9% to Php 364 million in the period.

Construction is underway on the 12 MW Line 2 geothermal power plant expansion of affiliate Maibara Geothermal Inc., which is scheduled for commercial operation by the last quarter of 2017. Other renewable energy expansion plans include wind farm installation prospects for subsidiary TAREC in Guimaras and Cagayan, which can be developed once the energy policy of the Government becomes more definitive.

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