PetroEnergy net income surges on higher electricity sales

Higher electricity sales pulled up the consolidated net income of PetroEnergy Resources Corp. (PERC) 2017 as the listed company posted a 44% increase to $8.46 million from $5.86 million a year earlier.
Net income attributable to equity holders of the company more than doubled to $3.79 million from P1.77 million previously, the company told the stock exchange.
“Our 2017 financial performance shows PERC’s growth-driven direction, credited mainly to the efficiency and reliability of our RE 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. — Victor V. Saulon