MARKET HEADLINE: SHORT SELLING BY OCTOBER

PHINMA Energy Corp.
...galaw galaw...nakakasawa na mga regular na hinahype ng iba na mga stock eh Tongue

Phinma Energy eyes 4 new projects

PHINMA ENERGY Corp. is studying four new projects with a total capacity of 925.6 megawatts (MW) that will mark the company’s move to diversity its power generation portfolio to include gas and hydropower, company officials said.

“With all the coal plants being planned, you’ll have enough for 2025,” said Francisco L. Viray, Phinma Energy president and chief executive officer, in a briefing in Quezon City, when asked about the company’s plan to develop new resources.

Three of the four projects under the pre-development stage are combined cycle gas turbines (CCGT), and the remaining one is a hydroelectric power plant. They have all been cleared by the Department of Energy (DoE) to conduct grid impact studies.

These projects are the 383-MW Sta.Ana CCGT power plant in Port Irene, Sta. Ana, Cagayan; 383-MW Sual CCGT floating power plant in Brgy. Baquioen, Sual, Pangasinan; 138 MW Argao floating CCGT power plant in Brgy. Bulasa, Argao, Cebu; and 21.6 MW Ilog hydroelectric power plant in Mabinay, Negros Oriental.

Mr. Viray said the choice of the resources and their location were based on what the system could handle during the period when the company expects to finish the project.

The Phinma Energy official said there is no transmission line congestion up north, thus the choice of Sual and Cagayan. Argao is strategic because of plans to interconnect the Mindanao and Visayas power grids via Cebu, he added.

He declined to disclose the project cost and the timeline of completion.

“Portfolio diversification, that’s one of our strengths,” said Danielle R. del Rosario, Phinma Energy assistant vice-president and head of sales and marketing. “When you offer it to customers, they appreciate that you have a portfolio of different sources.”

On renewables, the company started with wind power with the 54-MW San Lorenzo wind farm project on Guimaras Island in Western Visayas under Phinma Energy’s renewable energy subsidiary.

The company previously said that it was looking at a 40-MW expansion of its wind project in adjacent town Sibunag, although it said the move was dependent on the DoE issuing a new feed-in-tariff (FiT) rate for the renewable resource.

“Sibunag is still on,” said Mr. Viray, although the company is not banking on a FiT rate for the project. “[We’re] still waiting for bilateral [contracts].”

Phinma Energy posted P200.29 million as net profit attributable to the parent in the first six months of 2017, 45% lower than the P543.33 million during the same period a year ago.


source: http://bworldonline.com/phinma-energy-ey...-projects/
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...earnings report

Phinma Energy’s profit falls 49%

Phinma Energy Corp. said net income in the first nine months  fell 49 percent to P424 million from P826.6 million a year ago, on higher cost of power purchased.

“General and administrative expenses for the nine months period for 2017 increased due to increased level of operations which resulted in higher taxes and licenses and headcount,” the company said.

Revenues reached P12.4 billion in the first nine months, up from P11.196 billion in the same period last year.  Revenues from the sale of electricity alone grew to P12.394 billion from P11.184 billion.

Cost and expenses reached P12.455 billion in January to September, up from P10.534 billion last year.

The company was able to achieve a significant volume of customer migration due to the implementation of retail competition and open access.  RCOA allows large power users to choose their own suppliers. 

With increased competition under the open access regime, power suppliers are offering low prices to attract large consumers.


source: http://manilastandard.net/business/corpo...s-49-.html
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...this stock has dropped significantly over time, let's watch this from now on

Phinma to withdraw case against PSALM

PHINMA ENERGY Corp. is withdrawing a case it filed against state-led Power Sector Assets and Liabilities Management Corp. (PSALM) in September last year involving an administration agreement over a 40-megawatt (MW) geothermal plant in Leyte.

The listed company told the stock exchange on Tuesday it will withdraw the civil case it filed against PSALM, seeking damages and annulment of the agreement with prayer for a writ of preliminary injunction/writ of preliminary mandatory injunction and temporary restraining order (TRO).

Phinma Energy on Dec. 29 said it had agreed with PSALM to mutually terminate the administration agreement for the 40-MW “strip of energy” of the Unified Leyte Geothermal Power Plant.

“The termination allows the Company to improve its supply costs while maintaining a diversified portfolio. The Company has settled all its obligations with PSALM,” it said.

“[Phinma Energy] will withdraw the case it filed earlier and no further claims will be pursued,” it added.

The case was filed on Sept. 13, 2017 at the Regional Trial Court of Makati City, with PSALM and Emmanuel R. Ledesma, Jr., the agency’s former president and chief executive officer, as defendants.

In the civil case, Phinma Energy sought to restrain PSALM from terminating the administration agreement for the selection and appointment of independent power producer administrator for the geothermal plant in Tongonan, Leyte on grounds of administrator’s default.

Phinma Energy, then named Trans-Asia Oil and Energy Development Corp., was declared on Nov. 7, 2013 as one of the winning bidders with the right to administer the strips of energy from the plant.

On Nov. 8, 2013, typhoon Yolanda severely hit Region 8, resulting in extensive damage to the plant. It was only after a one-year delay that PSALM awarded the strips to the bidders.

In several letters to PSALM, Phinma Energy said it had formally sought the renegotiation of the agreement and proposed several measures for relief.

On several occasions, representatives from both parties met to discuss the matter. Phinma Energy, in one of the letters, told PSALM about the difficulties suffered by the administrators under the agreement.

Through its counsel, Phinma Energy wrote PSALM about exercising its right to withdraw from the agreement, prompting discussions on the termination.

However, the company received a notice from PSALM of the administrator default. The government agency then resolved to terminate the agreement and forfeit the performance bond. The move prompted Phinma Energy to file the civil case.

PSALM is created under Republic Act No. 9136, the Electric Power Industry Reform Act (EPIRA) of 2001, the law that restructured the Philippine power sector. It took over the ownership of all existing government-owned power generation assets. Its principal purpose is to manage the orderly sale and privatization of these assets. 


source: http://bworldonline.com/phinma-withdraw-case-psalm/
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(01-03-2018, 02:35 PM)Ollie Wrote: ...this stock has dropped significantly over time, let's watch this from now on

Phinma to withdraw case against PSALM

PHINMA ENERGY Corp. is withdrawing a case it filed against state-led Power Sector Assets and Liabilities Management Corp. (PSALM) in September last year involving an administration agreement over a 40-megawatt (MW) geothermal plant in Leyte.

The listed company told the stock exchange on Tuesday it will withdraw the civil case it filed against PSALM, seeking damages and annulment of the agreement with prayer for a writ of preliminary injunction/writ of preliminary mandatory injunction and temporary restraining order (TRO).

Phinma Energy on Dec. 29 said it had agreed with PSALM to mutually terminate the administration agreement for the 40-MW “strip of energy” of the Unified Leyte Geothermal Power Plant.

“The termination allows the Company to improve its supply costs while maintaining a diversified portfolio. The Company has settled all its obligations with PSALM,” it said.

“[Phinma Energy] will withdraw the case it filed earlier and no further claims will be pursued,” it added.

The case was filed on Sept. 13, 2017 at the Regional Trial Court of Makati City, with PSALM and Emmanuel R. Ledesma, Jr., the agency’s former president and chief executive officer, as defendants.

In the civil case, Phinma Energy sought to restrain PSALM from terminating the administration agreement for the selection and appointment of independent power producer administrator for the geothermal plant in Tongonan, Leyte on grounds of administrator’s default.

Phinma Energy, then named Trans-Asia Oil and Energy Development Corp., was declared on Nov. 7, 2013 as one of the winning bidders with the right to administer the strips of energy from the plant.

On Nov. 8, 2013, typhoon Yolanda severely hit Region 8, resulting in extensive damage to the plant. It was only after a one-year delay that PSALM awarded the strips to the bidders.

In several letters to PSALM, Phinma Energy said it had formally sought the renegotiation of the agreement and proposed several measures for relief.

On several occasions, representatives from both parties met to discuss the matter. Phinma Energy, in one of the letters, told PSALM about the difficulties suffered by the administrators under the agreement.

Through its counsel, Phinma Energy wrote PSALM about exercising its right to withdraw from the agreement, prompting discussions on the termination.

However, the company received a notice from PSALM of the administrator default. The government agency then resolved to terminate the agreement and forfeit the performance bond. The move prompted Phinma Energy to file the civil case.

PSALM is created under Republic Act No. 9136, the Electric Power Industry Reform Act (EPIRA) of 2001, the law that restructured the Philippine power sector. It took over the ownership of all existing government-owned power generation assets. Its principal purpose is to manage the orderly sale and privatization of these assets. 


source: http://bworldonline.com/phinma-withdraw-case-psalm/

binitawan ko ito comm. pinambili ko ng kabayo. di naman ako nagsisi hehe
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Boss, this share price drop because they are losing money on the retail electricity that they are selling to clients. Only the power generation business is providing profit to PHEN. Their core business is losing. Confused
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...oh, so that's the reason...what could reverse this finally? what should we look out for?
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Technically, $PHEN has broken it's 200-day moving average upward and has been steadily moving-up since hitting rock-bottom.

Directors have also been buying recently.

Worth a look.

It is up by 4.47% today so far.
Trading stocks is never a sure thing. Please do your own homework before pressing the button.

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...dito ka pala sa PHEN bos? Smile
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(01-23-2018, 11:50 AM)Ollie Wrote: ...dito ka pala sa PHEN bos? Smile

yes boss Ollie, naka botton-fish ako dito. 

nakita ko mga directors mismo bumibili.
Trading stocks is never a sure thing. Please do your own homework before pressing the button.

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Round 2 Big Grin
Trading stocks is never a sure thing. Please do your own homework before pressing the button.

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