PetroEnergy more than doubles H1 profit

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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.

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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.

PetroEnergy Resources Corp. is in the business of providing specialized technical services to companies exploring for oil. PHOTO BY PETROENERGY

Gross income climbed 41.57 percent to $9.82 million (P504.5 million) from $6.94 million (P356.6 million) last year. Revenues from electricity sales rose to $15.1 million (P775.5 million) from $13.45 million (P690.78 million) in the comparable period in 2016—primarily due to higher energy generated by Maibarara Geothermal, Inc. (MGI) and PetroSolar Corp—while oil revenues increased to $3.3 million (P169.66 million) from $2.64 million (P135.73 million) a year ago.

PERC’s renewable energy projects include the 20-megawatt Maibarara geothermal power project in Batangas, the 36MW Nabas wind power project in Aklan, and the 50MWDC Tarlac solar power project in Tarlac. Total electricity exported from the three plants rose to 174,810 MWh in the first half of 2017 compared with 152,898 MWh in same period last year, the company said.

“Our renewable energy facilities are showing good results in terms of energy yield and operational efficiencies. We are optimistic that if we are able to sustain this performance, we will be on-track in achieving our full year targets,” PERC President Milagros V. Reyes said.

MGI is expecting to start the commercial operations of its 12MW Maibarara-2 expansion before the end of 2017 while earlier this month, PERC said it has obtained the environmental clearance for its Puerto Princesa Solar Power Project.

PERC is a publicly listed energy firm under the Yuchengco Group of Companies.

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