Connect with us

Hi, what are you looking for?


PetroEnergy income up nearly 25% on strong energy sales

PETROENERGY Resources Corp. reported a third-quarter net income of P111.03 million, up by 24.7% from the P89.01 million recorded a year ago, on strong energy sales from its renewable energy units.

In its regulatory filing, PetroEnergy recorded revenues of P649.92 million for three months to September, 8.9% higher than the P596.93 million logged in the same period last year. Its gross expense increased by 10.4% to P467.39 million from P423.27 million.

For the nine-month period, its net income increased by 44.1% to P466.22 million from the P323.46 million recorded in the corresponding period last year.

From January to September, the energy firm saw its revenues rise by 9.2% to P2.01 billion from P1.83 billion. PetroEnergy said its revenues were lifted by energy sales from its renewable energy unit PetroGreen Energy Corp.

Energy sales came from the 32-megawatts (MW) Maibarara geothermal project of Maibarara Geothermal, Inc.; the 70-MW Tarlac solar project of PetroSolar Corp.; and the 36-MW Nabas-1 wind project of PetroWind Energy, Inc.

Meanwhile, PetroEnergy said oil revenues from its minority stake in the Etame oil concession in offshore Gabon, West Africa provided the balance of steady earnings for the company.

It said revenues were lifted by higher global crude oil prices and higher offtake rates for PetroSolar’s Tarlac-2 solar power plant.

Last month, PetroEnergy announced that Kyuden International Corp. (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. — Ashley Erika O. Jose

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



REUTERS By Luisa Maria Jacinta C. Jocson, Reporter FACTORY ACTIVITY in the Philippines expanded for a tenth month in a row in November, although...


Passengers wait inside the Ninoy Aquino International Airport Terminal 3 in Pasay City, Oct. 29. The growth in remittances is expected to slow next...


Philippine flags are displayed along the streets, June 3. — PHILIPPINE STAR/ EDD GUMBAN By Revin Mikhael D. Ochave, Reporter THE JOINT Foreign Chambers...


Workers prepare relief packs in Pasig City, Aug. 13, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS LOCAL GOVERNMENT units (LGUs) should be given more time...


IN separate advisories, the Securities and Exchange Commission (SEC) has warned the public not to invest in CashBaka, Hero Mining International Group, and


SHIVENDU SHUKLA-UNSPLASH D.M. CONSUNJI, Inc.’s (DMCI) order book declined by 8.1% to P45.3 billion for the past three quarters from P49.3 billion in the...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.