PetroEnergy earnings decline 41% 

PetroEnergy Resources Corp. registered a second-quarter attributable net income of P104.96 million, down by 41.1% from P178.23 million a year ago due to lower revenues from its Gabon oil operations.

In a stock exchange disclosure, the company reported gross revenues of P771.31 million, up by 7% from P720.96 million in the same period last year.

The Yuchengco-led energy company registered higher gross expenses for the April-to-June period at P503.74 million, up by 7.2% from the P469.78 reported a year ago.

For the first semester, its attributable net income declined to P277.57 million, 21.9% lower from P355.19 million last year.

The company’s gross revenues for the January-to-June period, however, expanded to P1.48 billion, marking an 8% increase from P1.37 billion in the corresponding period last year.

Higher electricity sales from short-term investments were identified as key contributors to the company’s growth, PetroEnergy said.

It added that short-term investments also offset the decline in the company’s revenues from its Gabon oil operations due to lower average crude oil prices.

Majority of the company’s revenues came from its investments in renewable energy projects, PetroEnergy said.

PetroEnergy, through its renewable energy arm, PetroGreen Energy Corp., invested in the 32-megawatt Maibarara geothermal power project of the Maibarara Geothermal Inc. and the 70-megawatt-direct current Tarlac solar power project of PetroSolar Corp.

PetroEnergy said the improved generation of the Maibarara contributed to a 14% growth in electricity sales compared with the same period last year when its major plant underwent maintenance. — Ashley Erika O. Jose