PetroEnergy earnings jump to $3.79 million

PETROENERGY Resources Corp. (PERC) reported its net income attributable to equity holders more than doubled to $3.79 million in 2017, from $1.77 million previously, as a result of higher electricity sales.
“Our 2017 financial performance shows PERC’s growth-driven direction, credited mainly to the efficiency and reliability of our RE (renewable energy) power plant operations. And to be recognized recently by the Financial Times as one of the fastest-growing companies in the Asia-Pacific region is truly and encouraging achievement for PetroEnergy,” said PERC President Milagros V. Reyes in a statement.
PERC said the increase in net income was largely because of higher revenues from the sale of electricity from its renewable energy investments.
Revenues from its petroleum operations in 2017 also increased by 22% as a result of slightly higher crude oil prices.
“We are optimistic that with our planned expansion in our Tarlac and Nabas projects, and the profitable operations of our existing power facilities, PERC will continue to grow both in terms of revenue and in the benefits we give to our various stakeholders. Our sustained growth is an affirmation of the value we put into our partnerships with public and private entities,” said PERC Vice-President Francisco G. Delfin, Jr.
PERC diversified into renewable energy development and operation in 2009. — Victor V. Saulon