PetroEnergy net income in 1st 9 months up 27% to $9.77M

By Lenie Lectura – December 3, 2018
from Business Mirror

PETROENERGY Resources Corp. (PERC) of the Yuchengco group posted a 27-percent increase in consolidated income in the first three quarters of 2018.

Net income reached $9.77 million (about P513.98 million) at end-September this year from $7.71 million (P405.6 million) for the same period in 2017.  The net income attributed to PERC’s equity holdersalso increased by 40 percent compared to the same period last year.

The improved performance was mainly brought about by the company’s renewable-energy projects. PERC through its RE holding firm, PetroGreen Energy Corp., is a partner in operating firms Maibarara Geothermal Inc. (MGI), PetroWind Energy Inc. (PWEI), and PetroSolar Corp.

PERC’s robust performance for the first nine months of 2018 is due to additional revenues from MGI’s 12-megawatts Maibarara-2 geothermal plant, a 52-percent increase in net income from PWEI’s 36-MW Nabas-1 wind plant due to strong winds in the third quarter and a 30-percent increase in crude oil revenues due to rise in global oil prices during the period.