Monday, May 28, 2018
  • share this

Philex unit posted net loss of P24.5M in first 3 months

By: - Reporter / @amyremoINQ
/ 12:21 AM April 20, 2013

Philex Petroleum Corp. posted a net loss of P24.5 million in the first quarter of 2013, an improvement from the P46.2-million net loss it registered a year ago.

In a filing with the Philippine Stock Exchange Friday, Philex Petroleum reported that its revenue for the first three months surged to P47.5 million from P8.9 million in the first quarter of last year.

Of the total revenue, sales from petroleum accounted for the bulk at P46.47 million, a jump from P8.8 million a year ago, while sales from coal stood at P1.03 million during the same period.


Gains in revenue, however, were offset by the 62.8-percent increase in the company’s expenses to P85.02 million from P52.21 million incurred in the first quarter of 2012.

Philex Petroleum is actively pursuing new and existing  projects to explore and develop prospective oil and gas blocks in the country.“The company will continue to actively manage its portfolio of energy assets to access potential hydrocarbon resources and to help mitigate the inherent risks and uncertainties of the upstream petroleum business,” it said.

Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, philex, Philex Petroleum Corp.
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2018 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.