PetroEnergy income up 180%
PetroEnergy Resources Corp. (PERC) said on Thursday its consolidated first semester net income surged 180 percent to $6.55 million this year from $2.34 million last year.
PERC said in a statement this translated to a five-fold increase in net income attributable to the equity holders of the parent company, thanks to higher contributions from subsidiaries operating renewable energy projects
“Our renewable energy facilities are showing good results in terms of energy yield and operational efficiencies,” said PERC president Milagros V. Reyes.
The group’s projects include the 20-megawatt Maibarara Geothermal Power Project in Batangas, 36-MW Nabas Wind Power Project in Aklan, and the 50-MW Tarlac Solar Power Project.
Together, these three projects accounted for electricity sales of 174.81 gigawatt-hours, jumping 14 percent from 152.9 gwh in the first half of 2016.
“We are optimistic that if we are able to sustain this performance, we will be on track in achieving our full year targets,” Reyes said.
“We continue to develop, under our PetroGreen Energy Corp. holding unit, a pipeline of modest-sized renewable energy projects in high-demand or poorly served areas,” PERC vice president Francisco G. Delfin Jr. added.
PERC also attributed the profit surge to slightly higher average crude oil prices, which was pegged at $50.38 per barrel for the first half this year, 42 percent higher than $35.59 previously. This benefited PERC’s petroleum asset in Gabon West Africa, which produces about 16,000 barrels of oil per day from four active fields.
