MANILA, Philippines—Philex Petroleum Corp., led by businessman Manuel V. Pangilinan, posted a net loss of P1.09 billion last year, a reversal of the P537 million net income it registered in 2011.
In a disclosure to the Philippine Stock Exchange on Friday, Philex Petroleum explained that the losses it incurred were due to the write-down of investments in Forum Energy Plc’s Service Contract 40 in Cebu, and Brixton Energy and Mining Corp.’s coal operating contract 130 in Zamboanga Sibugay.
Philex holds a total direct and indirect interest of 60.49 percent in Forum Energy, while Brixton Energy is a wholly owned subsidiary.
“The net loss for the year is mainly due to a P388.63-million write-down of the investment made in SC 40 (participating interest through Forum Energy), and a write-down of P578.25 million of the assets in Brixton,” the disclosure said.
Revenues from the company’s petroleum business in Forum Energy amounted to P191 million last year, while revenue from coal operations in Brixton stood at P48.03 million.
Meanwhile, in a separate disclosure, Philex Petroleum reported that it unloaded its shares in another publicly listed power firm, PetroEnergy Resources Corp.
Philex said it sold 28.2 million shares of stock of PetroEnergy to RCBC Securities Inc. for its clients, at a slight discount to the quoted market price.
“Following the sale, the Philex Petroleum does not hold any shares of stock of [PetroEnergy],” the company said. It did not say why it sold the shares.