PetroEnergy more than doubles H1 profit

Listed PetroEnergy Resources Corp. (PERC) reported a 180 percent surge in consolidated net income to $6.55 million (P336.1 million) in the first half of the year, or more than double the $2.34 million (P120.2 million) recorded in the same period last year, driven by higher income from its renewable energy projects.

In a disclosure to the stock exchange on Thursday, PERC said this translates to a 401 percent surge in net income attributable to the equity holders of the parent company to $3.89 million (P200 million) from $775,377 (P39.8 million) a year ago.