State-owned PNOC Exploration Corp., the oil and gas arm of Philippine National Oil Co., said its net income for the three quarters to September fell 41 percent from a year earlier as revenue dropped 29.7 percent.
The company’s earnings results show its profit for January to September slid to P1.043 billion from P1.779 billion in the corresponding year-earlier period. Revenue fell to P3.494 billion from P4.97 billion.
PNOC-EC did not give a reason for the earnings decline in its disclosure on Monday, but most oil and gas firms have been blaming the drop in oil prices since last year for weakness in their profits so far this year.
Oil prices on the global markets have plunged from a high of $100 per barrel last year to about $50 per barrel at current levels.
Earlier, PNOC Exploration President Pedro Aquino Jr. said the company was experiencing some hiccups in its operations, brought about by the sharp decline in the price of crude.
Aquino stressed, however, the company would not be deterred from its mandate to explore and develop new oil and gas sources.
The “management is trying its best to alleviate the effects of crude oil price in our declining revenue by looking at other sources that could bring substantial income to the company,” he said.
The company’s disclosure included comparative earnings results for full-year 2014, which showed net income was down 17.14 percent at P2.43 billion from P2.933 billion in 2013. That was despite a rise in revenue to P6.601 billion from P6.451 billion the preceding year.