PETROENERGY Resources Corp. reported a consolidated net income of $6.55 million in the first half, higher by 180% compared with $2.34 million in the same period last year, the company told the stock exchange on Thursday.

The figure translates to a 401% increase in net income attributable to the equity holders of the parent firm, it added.

The company said its strong performance was driven by higher income contribution from its renewable energy projects: 20-megawatt (MW) Maibarara geothermal power project in Batangas, 36-MW Nabas wind power project in Aklan, and the 50-MW Tarlac solar power project in Tarlac.

During the period, total exported electricity from the three plants rose to 174,810 megawatt-hour (MWh) compared with 152,898 MWh in same semester last year.

“Our renewable energy facilities are showing good results in terms of energy yield and operational efficiencies. We are optimistic that if we are able to sustain this performance, we will be on-track in achieving our full year targets,” said PetroEnergy Resources President Milagros V. Reyes in a statement.

Before the end of the year, PetroEnergy’s subsidiary Maibarara Geothermal, Inc. is expecting to start the commercial operations of its 12-MW Maibarara-2 expansion.

Earlier this month PetroEnergy said it had obtained the environmental clearance for its Puerto Princesa solar power project, which will be the first utility-scale green power project in Palawan province.

The company said slightly higher average crude oil prices also contributed to the profit increase, with average price reaching $50.38 per barrel for the first half of 2017 compared to $35.59 per barrel in the same period last year. 

PetroEnergy’s petroleum asset in Gabon, West Africa produces about 16,000 barrels of oil per day from four producing fields. PetroEnergy reports its financial data in dollars for ease in accounting for its overseas oil revenues.

On Thursday, shares in PetroEnergy climbed 3.77% to close at P7.44 each. — Victor V. Saulon

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