PHINMA ENERGY Corp. recorded a 75% fall in consolidated net income to P347 million last year from P472 million a year earlier — when its bottom line included non-recurring income from the sale of an energy assets.
“Margins in the electricity supply business were challenged by continued low market prices due to the competitive supply environment,” the company told the stock exchange on Thursday.
The company said last year’s income figure included the P472 million non-recurring income from the sale of its 5% share in South Luzon Thermal Energy Corp. to Axia Power Holdings Philippines Corp.
It added that last year’s figure included the sale of transmission lines in Guimaras and La Union to grid operator National Grid Corporation of the Philippines, and around P830 million in non-recurring income from electricity supply and income generated from independent power producers.
Phinma Energy also said last year’s income included P81 million in financial and other income.
The company said despite the lower margins, it ended the year as the second-largest single electricity supplier with a 12.2% share of the market.
On Thursday, shares in Phinma Energy slipped 0.65% to P1.53 each. — Victor V. Saulon