PETROENERGY Resources Corp. said its second-quarter attributable net income rose by more than three times to P128.16 million after recording higher electricity sales and oil revenues.
In its quarterly report filed with the local bourse on Monday, PetroEnergy said its total revenues amounted to P611.98 million, higher by around 16% compared with the value in the second quarter of 2020.
Sales from its electricity segment in the three months ending June improved by 13% to P515.39 million from P456.78 million a year ago.
Meanwhile, the firm’s oil revenues in the second quarter reached P96.59 million, up by 39% versus the P69.45 million recorded in the same period last year.
PetroEnergy added that its after-tax net income during the quarter hit P216.14 million, over two times its previous level of P103.03 million.
It is engaged in petroleum production through the Etame consortium in the African country of Gabon; and in renewable energy in the Philippines through its subsidiary PetroGreen Energy Corp.
PetroEnergy President Milagros V. Reyes said during the annual stockholders meeting last month that the company will be focusing more on the power generation business, adding that it aspires to become one of the most profitable publicly listed energy firms in the Philippines.
Shares of PetroEnergy inched up 0.51% or two centavos to finish at P3.95 apiece on Monday. — Angelica Y. Yang
