PETROENERGY Resources Corp. registered a first-quarter net income attributable to the parent firm of P172.61 million, 2.5% lower than the P176.96 million posted a year ago, the Yuchengco-led energy company said on Wednesday.
In a stock exchange disclosure, the company reported a 10.2% increase in its consolidated revenues to P714.40 million from P648.46 million a year ago for the January-to-March period.
Including non-controlling interest, its after-tax net income for the quarter reached P339.67 million, up by 34.5% from P252.47 million a year ago, due to the surge in electricity sales from renewable energy (RE) operating units.
The energy company attributed its profit rise to the significant increase in interest income from its short-term investments, which it said was also able to offset the decline in revenues from its Gabon oil operations due to the lower price of crude oil.
PetroEnergy said the majority of its revenues for the period were from its investments in renewable energy projects, through its renewable energy arm, PetroGreen Energy Corp.
The energy company said these are the 32-megawatts (MW) Maibarara geothermal power project of the Maibarara Geothermal, Inc. (MGPP); the 70-MW-direct current Tarlac solar power project of PetroSolar Corp.; and the 36 MW Nabas-1 wind power project of PetroWind Energy, Inc.
PetroEnergy said the improved generation of the Maibarara plant from January to March contributed to 18% of the company’s electricity sales.
Meanwhile, the increase in short-term investments and interest income was due to the infusion of Kyuden International Corp.’s (KIC) equity to PetroGreen.
To recall, PetroEnergy announced last year that KIC has completed the initial closing requirements for its acquisition of a 25% stake in PetroGreen.
KIC, a subsidiary of Japan’s Kyushu Electric Power Co., Inc., is the overseas investment arm of Kyushu Electric, the power provider and distributor in Kyushu Island in Japan.
At the local bourse on Wednesday, shares in the company gained 21 centavos or 4.49% to end at P4.89 apiece. — Ashley Erika O. Jose