Trans-Asia Oil Posts 295% Jump in 1Q2013 Net Income
Makati—(PHStocks)—Trans-Asia Oil and Energy Development Corp. (PSE: TA), an end-to-end energy company engaged in oil and gas exploration and development, power generation, and electricity supply, has reported consolidated revenues of PhP431.7 million in the first quarter of 2013, up from PhP181.3 million in the same period last year.
Net income increased to PhP164.9 million, up by 295% over PhP41.8 million in the same period in 2012.
The significant improvement in TA’s financial performance was due to higher net trading revenue from the power supply business, which increased from PhP144 million in the first quarter of 2012 to PhP293 million in the first quarter of 2013 brought about by increased energy sales in kWh as well as lower power costs.
Retained earnings increased from PhP1.95 billion to PhP2.11 billion due to the higher net income earned for the first quarter of 2013.
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