YUCHENGCO-LED PetroEnergy Resources Corp. saw its second-quarter (Q2) attributable net income climb by 27.86% to P134.2 million, driven by higher revenues.
Revenues increased by 9.9% to P789.16 million from P668.93 million, the company said in a stock exchange disclosure on Wednesday.
Broken down, electricity sales rose by 29.38% to P624.27 million; oil revenues declined by 24.41% to P139.74 million; and other revenues increased by 16.52% to P25.15 million.
Meanwhile, cost of sales climbed by 13.24% to P414.6 million from P366.14 million a year ago.
In the six months to June, PERC’s attributable net income rose by 15.19% to P319.73 million from P277.57 million the previous year.
The company’s revenues jumped by 33.76% to P1.73 billion, primarily due to the consolidation of its unit PetroWind Energy, Inc.’s financials into PetroEnergy’s.
PetroEnergy acquired a 20% stake held by EEI Power Corp. in PetroWind in 2023. It also acquired EEI Power’s 44% equity in PetroSolar Corp. and 7.5% equity in PetroGreen Energy Corp., making the latter a 75%-owned subsidiary of PERC, with the 25% balance held by Kyuden International Corp.
Electricity sales increased by 43.29% to P1.41 billion due to the consolidation of PetroWind.
Oil revenues went down by 1.42% to P279.54 million, mainly due to the higher average crude oil price of $83.62 per barrel compared with $79.70 per barrel.
Other revenues rose by 21.28% to P44.6 million.
From January to June, cost of sales increased by 37.21% to P838.68 million from P611.22 million previously.
At the local bourse on Thursday, shares in the company went up by 0.26% to close at P3.93 each. — Sheldeen Joy Talavera
