PETROENERGY Resources Corp. (PERC) saw a decline of 5.99% in its attributable net income to P515.65 million for 2023, the energy company said on Tuesday.

The company’s gross revenues rose by 22.3% to P3.35 billion from P2.74 billion in 2022, PERC said in its regulatory filing.

PERC reported a 9% increase in its consolidated net income to P944 million for 2023 from P863 million a year ago due to higher electricity sales.

“The increase in Consolidated Net Income is attributable to the higher electricity sales of its RE projects and higher interest income generated by the proceeds from Kyuden International Corporation’s 25% equity investment in PGEC,” the company said in a statement.

Consolidated assets during the period increased by 30% to P21.9 billion due to the acquisition from EEI Power Corp. of 20% direct equity interest in PetroWind Energy, Inc., a 44% direct equity interest in PetroSolar Corp., and an additional 7.5% equity interest in PetroGreen Energy Corp., the company said.

It said that the acquisitions have been funded through term loans from local banks.

“Another reason for the increases is the start of the funding and construction of PWEI’s 13.2 MW (megawatts) Phase 2 of the Nabas Wind Power Project in Aklan (6.6 MW is now under testing and commissioning),” PERC said.

Electricity sales rose largely due to the full-year operation of the 32 MW Maibarara Geothermal Power Project Units 1 and 2 compared to 2022 when scheduled major plant preventive maintenance activities was conducted for close to one month.

Meanwhile, Basic Energy Corp. reported a 54.9% decrease in its attributable net income to P42.69 million for 2023 from P94.63 million the previous year.

In a stock exchange disclosure, the energy company said that its gross revenues declined by 14.2% to P64.07 million from P74.64 million in the previous year. — Sheldeen Joy Talavera