Petro Energy profit jumps in Jan–March

MANILA, Philippines — Higher crude oil prices and solar and wind sales pushed up the net earnings of Yuchengco-led power firm PetroEnergy Resources Corp. (PERC) in the first quarter.

In its financial report, PERC said its net income increased by 67 percent from P106 million to P177 million.

The company attributed the improvement to higher crude oil prices, higher electricity sales from the Tarlac Solar and Nabas Wind power plants, and reduced interest expenses resulting from installment payments of loan principals.

Consolidated revenues went up by 8.44 percent from P546.22 million to P592.3 million, with electricity sales accounting for 72 percent, oil revenues cornering 26 percent, while other revenues accounted for the balance.

Electricity sales increased by 2.66 percent from P414.16 million to P425.18 million.

PERC said this was driven by Tarlac Solar Power Plant’s higher spot market rates, which mitigated the impact of Maibarara Geothermal Inc.’s scheduled major preventive maintenance in February.

Oil revenues climbed by 27.8 percent from P119.42 million to P152.62 million, mainly due to the improvement in the crude oil price from an average $60.97 per barrel last year to an average $107.95 per barrel (bbl).

Other revenues increased by 14.7 percent mainly due to higher accruals made during the period.

Cost of electricity sales increased from P197.05 million to P200.5 million due to additional expenses incurred, while oil production operating expenses grew by 29.77 percent to P86.9 million on the back of variable expense incurred in line with the recovery of crude oil prices.