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

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.