PetroEnergy’s Q1 income rose 35% to P340 million

By Alena Mae S. Flores – May 17, 2023, 9:05 pm
from manilastandard.net

PetroEnergy Resources Corp. said Wednesday first-quarter net income rose 35 percent to P340 million from P252 million in the same period last year, driven by the renewable energy electricity sales and a significant increase in interest income from short-term investments.

Consolidated net income attributable to equity holders of the parent company amounted to P172.611 million or P0.304 earnings per share in the first quarter, compared to P176.957 million or P0.311 per share a year ago.

PERC said these increases cushioned the impact of the decline in PERC’s revenues from its Gabon oil operations due to lower crude oil prices.

Consolidated revenues went up by 2.6 percent to P607.575 million from P592 million in the same period last year.

Bulk of PERC’s revenues comes from its investments in RE projects through subsidiary and RE holding company PetroGreen Energy Corp.

These are the 32-megawatt Maibarara geothermal power project of 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.

“The improved generation of the MGPP during the quarter, compared with the same period last year, when major plant preventive maintenance was conducted, largely contributed to the 18 percent growth in electricity sales,” the company said.

PERC said the increases in short-term investments, and consequently, in interest income, were due mainly to Kyuden International Corp’s infusion of equity into PGEC.

Kyuden, a wholly-owned subsidiary of Japan’s Kyushu Electric Power Co. Inc., completed last year its acquisition of a 25-percent stake in PEGC.

PEGC and partner Copenhagen Energy are also looking at developing offshore wind energy projects.