PERC income up by 35% to P340 million

MANILA, Philippines — Higher electricity sales of its renewable energy operating units and a significant increase in interest income from short-term investments bolstered the bottomline of Yuchengco-led energy company PetroEnergy Resources Corp. (PERC) in the first quarter.

In a stock exchange filing, PERC said its net income for the three months ending March rose by 35 percent to P340 million from P252 million in the same period last year.

PERC said the increase in electricity sales and interest income from short-term investments cushioned the impact of the decline in revenues from its Gabon oil operations due to lower crude oil prices.

The bulk of the company’s revenues comes from its investments in renewable energy projects through its renewable energy holding unit PetroGreen Energy Corp. (PGEC).

These include the 32-megawatt (MW) Maibarara geothermal power project of Maibarara Geothermal Inc., the 70-MW direct current Tarlac solar power project of PetroSolar Corp., and the 36 MW Nabas-1 wind power project of PetroWind Energy Inc.

PERC said the improved generation of the Maibarara geothermal power project during the quarter compared to the same period last year, when major plant preventive maintenance was conducted, contributing largely to the 18-percent year-on-year growth in electricity sales.

Meanwhile, the company attributed the increases in short-term investments, and consequently, in interest income, mainly to Kyuden International Corp.’s infusion of equity into PGEC.

PERC is engaged in petroleum production through the Etame consortium in Gabon, West Africa and in renewable energy in the Philippines through PGEC, which owns and runs power stations utilizing geothermal, wind, and solar energy.

Last April, PERC announced that it would buy out the stakes of EEI in PGEC, PetroSolar, and PetroWind.

After fulfillment of all the conditions for the sale, EEI Power will no longer have any interest in PGEC, PetroSolar, and PetroWind.