PERC net income up in 9 months

MANILA, Philippines — Higher electricity sales from its renewable energy operating units and a significant increase in interest income from short-term investments powered Yuchengco-led energy company PetroEnergy Resources Corp. (PERC) to robust profitability in the nine months ending September.

PERC posted a 29-percent surge in its net income to P874 million during the nine-month period from P667 million in the same period last year.

For the third quarter alone, the company’s net income expanded to P283 million from last year’s P171 million.

PERC saw electricity sales from January to September rise mainly because of the improved generation of the 320-megawatt (MW) Maibarara geothermal power project, the 70-MWdc Tarlac solar power project, and the 36-MW Nabas wind power project.

PERC said the company has demonstrated its deepening commitment to renewable energy development by increasing its equity interest in PetroGreen Energy Corp. (PGEC) from 67.5 percent to 75 percent, as well as holding direct ownerships in PetroSolar Corp. and PetroWind Energy Inc. at 44 percent and 20 percent, respectively.

The company said further expansion of its renewable energy ventures was made by forming Rizal Green Energy Corp., a new 100 percent-owned PGEC subsidiary that will hold and develop solar projects in Bohol, Nueva Ecija, Pangasinan and Isabela.

“These developments are key steps in PERC’s goal of becoming a sustainable energy developer,” it said.

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.