PetroEnergy’s 9-month income jumps 44.1%

Renewable energy plants under its portfolio boosted the nine-month earnings of PetroEnergy Resources Corp. (PERC), the listed power entity of the Yuchengco Group.

PERC said in a disclosure that net income attributable to equity holders of the parent firm reached P466.2 million as of end-September, up by 44.1 percent from P323.5 million in the same period a year ago.

In the third quarter, its bottom line climbed by 24 percent to P111.03 million. Revenues rose by 10 percent to P1.9 billion from P1.7 billion.

PERC’s top line, mainly from electricity sales,  stood at P1.3 billion, down 7.5 percent. Oil revenues surged by 71.3 percent to P576 million.

“This healthy financial growth is due largely to higher global crude oil prices, and to higher offtake rates for PSC’s (PetroSolar Corp.) Tarlac-2 solar power plant,” said PERC.

The company noted that crude oil prices averaged $104.13 per barrel from $73.05 per barrel.

“Oil revenues from its minority stake in the Etame oil concession in offshore Gabon, West Africa provide the balance of steady earnings for the company,” it added.

Through its subsidiaries, PERC is operating various RE plants. These include the 32-megawatt (MW) Maibarara Geothermal Project of Maibarara Geothermal, Inc., the 70-MW Tarlac Solar Project of PSC and the 36-MW Nabas-1 Wind Project of PetroWind Energy Inc.

The firm earlier announced its tie-up with Denmark-based Copenhagen Energy for offshore wind power projects in the pipeline. This involves the creation of three separate special purpose vehicles— Buhawind Energy Northern Luzon, Buhawind Energy Northern Mindoro and Buhawind Energy East Panay—to develop these projects with a potential capacity of about 4 gigawatts (GW).

PERC has bagged service contracts for the following: the 2,000-MW Northern Luzon Offshore Wind Power Project in Ilocos Norte, the San Vicente Wind Power Project in Palawan and the 500-MW East Panay Offshore Wind Power Project situated in Iloilo and Guimaras, all in the pre-development stage.

Last month, PERC signed a share subscription agreement and shareholders’ agreement with Japan’s Kyuden International Corp., a wholly-owned subsidiary of Japan’s Kyushu Electric Power Co. Inc., to acquire a 25-percent stake in its unit PetroGreen Energy Corp.