PetroEnergy marks income turnaround

MANILA, Philippines - PetroEnergy Resources Corp. (PERC) reported a net income of $1.13 million in the nine months to September this year on the back of higher energy sales.

This was a reversal of the $537,576 loss incurred in the same period a year earlier.

Consolidated revenues rose 38.64 percent to $25.01 million mainly on higher electricity sales.

Electricity sales, which refer to the electricity power generated by Maibarara Geothermal power plant (MGPP) and PetroSolar Corp., amounted to $21.06 million, up 63.49 percent year on year.

The increase was mainly due to the start of commercial operations of PetroSolar last Feb. 10.

MGPP, located in Sto. Tomas, Batangas, is 65 percent owned by PERC through its wholly-owned subsidiary PetroGreen Energy Corp. in joint venture firm Maibarara Geothermal Inc.

PERC — through its subsidiary PetroGreen Energy Corp. — owns 56 percent of PetroSolar, which owns and operates the 50-megawatt (MW) solar power plant in Tarlac.

Improvement in energy sales more than offset the 23.36 percent drop in oil revenues to $3.96 million. 

PERC said the decrease was mainly due to lower average crude oil price from $51.73 per barrel to $38.02 per barrel. 

In terms of expenses, the company saw a 10 percent decline in oil production expenses because of lower royalty (Gabon) and other operating expenses brought about by the decline in average crude oil price. 

Costs of electricity sales soared by 125.87 percent mainly due to maintenance of the solar power project.