PetroEnergy earnings dip in Q1 as oil operations stay idle

Yuchengco-led PetroEnergy Resources Corp. (PERC) posted lower earnings in the first quarter of the year as maintenance shutdowns and the absence of oil revenues weighed on results.

The company reported on Friday that consolidated net income fell 14.3 percent to P240.62 million from P280.80 million a year earlier. Net income attributable to equity holders of the parent company slipped to P139.92 million from P143.46 million.

PERC said no oil revenues were recorded during the quarter “as there were no crude oil liftings allocated to the Consortium Partners for the Etame oil operations in Gabon, West Africa, during the first quarter.”

The company’s renewable energy business, however, continued to support revenues, helped by the full operations of the 13.2-megawatt Nabas Wind Power Project Phase 2, continued generation from the Dagohoy and San Jose solar projects, and the start of operations of the 34-megawatt direct current Limbauan-2 Solar Power Project.

Higher tariff rates from the Nabas Wind Power Project Phase 1 and the Tarlac Solar Power Project Phase 1 also lifted revenues. These gains, however, were partly offset by scheduled preventive maintenance shutdowns at Maibarara Geothermal Inc.’s geothermal units in March.

Despite the weaker earnings, consolidated assets rose 7.53 percent to P25.61 billion as of end-March from P23.82 billion a year earlier, while book value per share improved to P14.88 from P14.44.

PERC is also continuing work on the 20-megawatt Panitan Energy Storage Project and the proposed Panitan Solar Power Project in Capiz.

“These RE investments, which are financed through internally generated funds and project-related borrowings, reflect the Company’s long-term commitment to expanding its clean energy portfolio and creating sustainable value for shareholders,” the company said.