MANILA, Philippines — The Yuchengco Group’s PetroEnergy Resources Corp. (PERC) said net income attributable to equity holders of the parent company rose by 7 percent to P185.5 million in the first quarter this year from P173 million in the same period last year.
In a disclosure on Wednesday, PERC said the uptick was mainly attributed to its direct acquisition of EEI Power Corp.’s equity interest in renewable units PetroWind Energy Inc., PetroSolar Corp., and PetroGreen Energy Corp.
The listed firm likewise earned from short-term investments.
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“The above acquisition of EEIPC’s investments and the consolidation of PWEI’s financials boosted not only the company’s gross revenues but also led to a rise in financing expenses tied to the acquisition of said shares,” the company said.
EEI Power divested its stakes in all the RE subsidiaries of PERC for P2.69 billion last year to refocus their attention on their respective construction and energy businesses.
Revenues for the period climbed by 55.55 percent to P945.1 million, with more than P785 million of the top line coming from electricity sales.
It also posted P149 million in oil revenues due to the increase in crude oil prices and higher foreign exchange rate.
The cost of sales totaled P424.1 million, an increase of 73.03 percent, as it incurred more expenses in the sale of electricity and oil production.
READ: PetroWind lists Aklan wind project phase 2 on WESM
General and administrative expenses almost doubled by 99.21 percent to P84.1 million following the consolidation of PetroWind’s financials in PERC’s financial statement and higher expenses related to documentary stamp taxes on loan availment and conversion.
PERC said it remains bullish on expanding its renewable portfolio as it boosts its electricity generation with the commissioning of the Nabas-2 wind power project in Aklan province.
Through the Dagohoy Green Energy Corp., the firm started installing solar photovoltaic panels in its solar power project in Dagohoy town in Bohol province.
Meanwhile, another subsidiary, San Jose Green Energy Corp., entered into a 10-year agreement with SN Aboitiz Power Group. SJGEC will provide 15.6 megawatts of supply from renewable energy facilities in Nueva Ecija province.