Pangilinan-led PXP Energy Corp. reported a wider net loss of P57.1 million in 2017 against P36.4 million in 2016 ago due in part to the absence of foreign exchange gains and income tax benefit that were recorded in the previous year.
In a disclosure, PXP Energy said on Wednesday that consolidated net loss attributable to equity holders of the parent company stood at P39.1 million in 2017 from P22.4 million in the previous year.
Consolidated petroleum revenues rose slightly to P104.4 million from P101.6 million, resulting from a 24 percent improvement in crude oil price offset by 18 percent lower crude production.
The company attributed the wider net loss in 2017 to a foreign exchange loss of P0.1 million compared to a forex gain of P13.4 million in 2016, and a provision for income tax of P2.3 million compared to a benefit from income tax of P12.3 million recorded the year before.
It said consolidated cost and expenses dropped 7.4 percent to P158.2 million from the previous year’s P170.8 million on lower petroleum production cost and depletion, as well as continuous containment of group overhead.
Formerly Philex Petroleum Corp., PXP Energy is primarily engaged in the exploration and production of crude oil and natural gas through interests in petroleum contracts and holdings in resource development companies with interests in petroleum service contracts.