Trans-Asia Oil and Energy Development Corp. managed to acquire a first-quarter net profit of P265 million. This amount is around four times greater than the year-earlier total. The surge in profit can be attributed to increasing electricity sales due to new power sources making their own contributions to the latest results.
The company revealed to the PSE last Wednesday that “revenue from the sale of electricity was boosted by a 26% increase in electricity sales volume.” For the year’s first three months, revenue leaped by 7% after a wind farm began operations in San Lorenzo, Guimaras. This facility was completed in December 2014 and delivered 45 gigawatt-hours for the quarter.
