PetroEnergy net income slips; electricity sales rise

PETROENERGY Resources Corp. reported a 25.5% decrease in equity holders’ net income to P41.33 million in the third quarter even after the company posted higher electricity sales, its main line of business.

After-tax income for the Yuchengcos’ energy company rose 18.8% to P114.62 million in the third quarter, the firm said in a disclosure to the Philippine Stock Exchange (PSE) on Friday.

Total revenues from July to September climbed by 17.3% to P532.39 million, with electricity sales rising by 23.1% to P461.47 million. Oil revenues, meanwhile, went down by 10.2% to P70.62 million.

For the nine months ending in September, total revenues ended 2.8% higher at P1.62 billion. Electricity sales saw a 4.8% growth to P1.37 billion due to higher power generation.

“The 4.75% net increase is mainly due to higher electricity generation from TSPP (Tarlac Solar Power Project) due to extended summer months and full year operations of the TSPP2,” PetroEnergy said.

Oil revenues, however, declined by 7.3% due to the drop in crude oil price to $40.15 per barrel during the third quarter from an average of $65.03 per barrel in the same period, the firm reported. Oil revenues as of September were logged at P241 million.

Shares in PetroEnergy on Friday declined by 0.28% to finish at P3.54 apiece. — Angelica Y. Yang