Petroenergy 9-month earnings up 29%

MANILA  -Improved electricity sales from its renewable energy units and higher interest income from short-term investments buoyed Yuchengco-led PetroEnergy Resources Corp.’s earnings in the first nine months of the year by 29 percent, the company said.

According to PetroEnergy, electricity sales climbed on the back of better generation from three facilities, namely the 32-megawatt (MW) Maibarara geothermal power project, 70-MW Tarlac solar power project and 36-MW Nabas wind power project.

This resulted in a year-to-date net income of P874 million from P667 million in the same period last year. However, revenues from its Gabon oil operations decreased due to lower average crude oil prices, the company  said in a disclosure to the Philippine Stock Exchange.

The company holds a 2.53-percent participating interest in the Etame consortium in Gabon, West Africa.

PetroEnergy has been undertaking upstream oil exploration and development since 1994, before eventually expanding to renewable energy and power generation.

Earlier this year, PetroEnergy expanded its renewable energy ventures through the establishment of Rizal Green Energy Corp., a subsidiary of clean energy holding firm PetroGreen Energy Corp., to develop solar projects in the provinces of Bohol, Nueva Ecija, Pangasinan and Isabela.

”These developments are key steps in PetroEnergy’s goal of becoming a sustainable energy developer,” the company said in its disclosure.

PetroEnergy also increased its equity interest in PetroGreen from 67.5 percent to 75 percent. It also holds direct ownerships in PetroSolar Corp. and PetroWind Energy Inc. at 22 percent and 20 percent, respectively.