PetroEnergy Resources profit down 57% in H1
MANILA, Philippines - PetroEnergy Resources Corp. reported a 57 percent drop in its first half profit to $2.24 million, weighed down by depressed global oil prices.
Based on its financial report, PetroEnergy’s consolidated revenues declined 8.75 percent to $12.48 million, largely due to lower oil revenues which fell 47.2 percent to $3.6 million.
“The decrease is mainly due to lower average crude oil price from an average of $109.54/barrel to $55.42/barrel,” PetroEnergy said.
This despite a 29.55 percent jump in electricity sales to $8.88 million from $6.85.
“The 29.55 percent increase is mainly due to full operation as of June 30, 2015 as compared to 2014, which started only in February 2014,” the firm said.
Meanwhile, total expenses rose 17.2 percent to $6.33 million, mostly from the cost of electricity sales.
The costs of electricity sales shot up 58.5 percent to $3.4 due to the start of full operations of the plant.
Meanwhile, oil production expenses tempered the rise in total expenses, which decreased by 15.87 percent $2.14 million due to lower royalty expenses brought about by the decline in average crude oil price from $109.54/barrel to $55.42/barrel, the firm said.
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