PetroEnergy reported P591-million profit in first half

By Alena Mae S. Flores – August 15, 2023, 8:40 pm
from manilastandard.net

PetroEnergy Resources Corp. of the Yuchengo Group said Tuesday first-half consolidated net income increased 17 percent to P591 million from P506 million a year ago on high electricity sales and interest income increase.

PERC said in a disclosure to the Philippine Stock Exchange second-quarter net income declined slightly to P251.6 million from P253.37 million.

Revenues were also slightly higher in the first half at P1.296 billion, compared to P1.295 billion in the same period last year.

Second-quarter revenues, however, dropped 2 percent to P688.93 million from P702.863 million.

Higher electricity sales from its renewable energy operating units and a significant increase in interest income from short-term investments were the key drivers for the growth, it said.

These increases cushioned the impact of the decline in PERC’s revenues from its Gabon oil operations due to lower average crude oil prices compared to the same period last year.

PERC derives bulk of its revenues comes from its investments in RE projects through subsidiary PetroGreen Energy Corp.

These are the 32-MW Maibarara Geothermal Power Project of the Maibarara Geothermal Inc.; the 70-MW Tarlac solar power project of PetroSolar Corp.; and the 36-MW Nabas-1 wind power project of PetroWind Energy Inc.

PERC said the improved generation of the MGPP in the first half largely contributed to the 14 percent growth in electricity sales.