LISTED PXP Energy Corp. said its consolidated net loss narrowed to P17.2 million in the first six months of the year compared to last year’s net loss of P30.6 million primarily due to foreign exchange gains.
In a disclosure to the local bourse, PXP Energy said it booked foreign exchange gains of P6.3 million in the first half of this year against a net foreign currency exchange loss of P2 million recorded in 2016.
In addition, it said the containment of group overhead to P24.9 million from P30.8 million in the previous year also contributed to the narrower net loss.
The company incurred consolidated net loss attributable to its equity holders of P11.3 million for the first six months of 2017, also narrower compared to the corresponding loss of P21.8 million recorded last year.
PXP energy bolstered its direct shareholding in Forum Energy Ltd. from 69.5 percent to 71 percent, increasing its aggregate direct and indirect interest in Forum from 77.5 percent to 79 percent.
The publicly listed company said the additional interest was obtained through the acquisition of 1.185 million shares held by a unit of First Pacific Co. Ltd. and a PXP Energy shareholder. “The shares were purchased at $0.30 a share, for a total consideration of $0.36 million, which was paid in cash,” it said.
Its unit Pitkin Petroleum Ltd. repurchased 11.43 million shares of the total issued shares of Pitkin at $0.35 a share, for a total consideration of $4 million.
Meanwhile, PXP Energy sold 6.107 million of its Pitkin shares and received about $2.1 million. Minority shareholders sold 12.98 percent of their shares and received about $1.9 million. PXP Energy still holds a 53.43 percent interest in Pitkin after the deal.
PXP Energy directly and indirectly owns oil and gas exploration and production assets in the Philippines. It indirectly owns an exploration asset located in offshore Peru.