March 25, 2014

TA reports 21% YoY net income hike; declares cash dividend

Trans-Asia Oil and Energy Development Corporation (TA) reported net income of P573m, up 21.5%. Revenues increased 90% to P2.03b on higher power sales that was supported by capacity expansion and additional supply contracts. Total power sales grew to 1,597 GWh from 603 GWh in 2012.

TA's current capacity is 257MW, up from 198MW from 2012, and plans to add 249MW by 2014. This comes from the expected operation of the first 135MW unit of SLTEC by end-2014, 20MW geothermal project, and the 54MW San Lorenzo wind farm. TA also declared a total of P0.04/sh in cash dividends for common shareholders on record as of 7 April (ex-date of 2 April) and payable on 7 May 2014.

This translates to a dividend yield of 1.9% based on the previous close. In relation to the TA's property dividend declared on 22 July 2013, TA is expecting SEC approval of the registration statement for the Trans-Asia Petroleum shares in a few weeks time. After which,TA will have to secure approval from the Bureau of Internal Revenue on the issuance of certificates authorizing registration of the TAP shares. – WealthSec