PetroEnergy profit down 20 percent to P692 million

MANILA, Philippines — The earnings of Yuchengco-led PetroEnergy Resources Corp. (PERC) plunged by double digits from January to September due to higher costs incurred following aggressive portfolio buildup.

The company saw its net income fell by 20.8 percent to P692 million during the nine-month period from last year’s P874 million.

The weaker earnings were attributed to increased interest and tax expenses related to PERC’s series of direct equity acquisitions in PetroWind Energy Inc. (PWEI), PetroSolar Corp. and PetroGreen Energy Corp.

Revenues, on the other hand, increased by 19 percent to P2.57 billion from P2.16 billion a year-ago, propelled by robust energy sales.

The PWEI consolidation into PERC’s financials resulted in a 24-percent jump in sales from renewable power plants, heating up to P2.09 billion from P1.68 billion.

Looking ahead, PERC expects its direct equity purchases to boost its footprint in the renewable energy (RE) space as part of a long-term shift to clean, sustainable fuels.

Through RE arm PetroGreen Energy Corp. (PGEC), the company intends to further bulk up its portfolio with new solar and offshore wind farms across the country.

Its solar developments include the 25-megawatt Bugallon project in Pangasinan, the 19.6-MW San Jose project in Nueva Ecija and the 41-MW Limbauan project in Isabela.