PetroEnergy six-month earnings hit P320M

Yuchengco-led PetroEnergy Resources Corp. (PERC) saw a 15-percent increase in earnings in the first semester, boosted by its direct equity acquisitions.

Consolidated net income attributable to equity holders of PERC reached P319.73 million against P277.57 million a year ago.

The company attributed these gains to its direct acquisition of EEI Power Corp.’s equity interest in renewable units PetroWind Energy Inc., PetroSolar Corp., and PetroGreen Energy Corp. (PGEC).

EEI Power decided to divest its stakes in all the renewable energy subsidiaries of PERC for P2.69 billion last year. The two partners went through this to refocus their attention on their respective construction and energy businesses.

“The move supports PERC’s plans to focus more on renewable energy and to increase its stake in existing and planned projects, taking advantage of the emerging opportunities in the industry,” PetroEnergy previously said.

Meanwhile, revenues in the period also went up to P1.73 billion from P1.3 billion, mainly lifted by its electricity sales.

This surged by 43 percent to P1.41 billion, while oil revenues inched up by 1.4 percent to P279.54 million.

The cost of sales in electricity rose by 55.7 percent to P602.82 million. Oil production, meanwhile, fell to P206.6 million on lower operating expenses linked to fuel and engineering projects.

In July, PGEC said it wanted more investments in renewable energy to flow into Mindanao, as it had switched on a solar roof project at a school in Davao.

PGEC also has investments in the 32-megawatt (MW) Maibarara Geothermal Power Project in Batangas, the 50-MW Nabas Wind Power Project in Aklan, and the 70-MW Tarlac Solar Power Project in Tarlac.

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In April, PGEC also secured a master supply agreement with China-based Trina Solar, a smart photovoltaics and energy storage provider, to facilitate its solar energy expansion in Nueva Ecija, Pangasinan, and Isabela.

The solar projects in these provinces are expected to generate an estimated annual energy yield of 129.14 gigawatt-hours.

The group said it has been “actively expanding” its portfolio with new solar and offshore wind energy projects nationwide.

PGEC also said that its investments complement the government’s current efforts to increase renewable energy’s share in the power mix to 35 percent by 2030 from the current 22 percent.