The second-quarter profit of Philex Petroleum Corp. fell further from a narrow loss recorded during the first quarter of this year.
The Manny Pangilinan-led firm reported to the Philippine Stock Exchange that it incurred a net loss of P225.2 million for the first six months of the year, which is miles away from the P80.50-million net loss for the same period in 2012.
The increase in the net loss, according to Philex Petroleum, was mainly from foreign currency conversion losses on its dollar-denominated advances from Philex Mining, its parent company.
During the first quarter, the company was able to narrow its losses as its revenues grew fourfold from its previous year’s earnings.
Philex Petroleum, in its first-quarter financial statement, reported that its losses thinned to P24.5 million from P46.2 million for the same period in the prior year.
However, revenues of the company grew to P47.5 million from P8.9 million in 2012.
Earlier this month, Philex Petroleum-unit Pitkin Petroleum Plc. (Pitkin) completed the
sale of all its interests in Vietnam American Exploration Company LLC, a Delaware company, for a total cash consideration of approximately P2.1 billion.
As a result of the transaction, the company will record a gain on sale of approximately P200 million in the second half of 2013.