LISTED energy company PetroEnergy Resources Corporation (PERC) posted a 327 percent increase in its consolidated net income to $4.3 million (P213.8 million) in the first quarter of 2017 from $1 million in the same period last year.

PetroEnergy said on Friday that the surge was mainly due to higher electricity sales from PERC’s renewable energy (RE) development and power generation assets and slightly higher crude oil revenues from its oil production in Gabon, West Africa.

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