Philodrill reported 159% surge in net income in Q1-Q3

MANILA, Philippines—Publicly listed Philodrill Corp. posted a 159-percent surge in its net income to P957 million in the first nine months of the year from P369 million a year ago, due to higher oil prices.

In a filing with the Philippine Stock Exchange, Philodrill reported that its total revenue for the first three quarters ending in September also jumped by 83 percent to P1.372 billion from P747.9 million during the same period last year.

The bulk of the revenue came from petroleum sales, which rose by 73 percent to P1.258 billion from last year’s P726.9 million.

“The increase was brought about by the higher average price per barrel of $113.35 for the period ending on Sept. 30, 2011, as compared with $78.18 (a barrel) for the same period last year,” the company reported.

Volume of production, however, fell by 17 percent to 1.97 million barrels for the first nine months, from 2.38 million barrels produced during the same period last year. The decrease was due to the decline in the average production at the Galoc oil field to only 6,832 barrels of oil per day (BOPD) from 8,249 BOPD in the same period last year.

Also, Philodrill reported that it recorded net foreign exchange gains of P11 million for the first three quarters of 2011, a turnaround from the net loss of P8.5 million during the same period last year.