PetroEnergy Resources Corp. (PERC) said Thursday its net income in the first half of 2024 declined by 11 percent to P526.99 million from P591.27 million during the previous year.
However, consolidated revenues were said to have climbed to P1.73 billion from P1.27 billion due to the 43-percent rise in electricity sales to P1.41 billion from P984.13.
This was the result of PERC’s acquisition of EEI Power Corp.’s (EEIPC) 20-percent stake in PetroWind Energy Inc. last year.
Oil revenues also jumped to P279.54 million from P275.61 million driven by the increase in average crude oil price at $83.62 per barrel compared to $79.70 per barrel in 2023.
The Yuchengco-led energy firm said it also acquired EEIPC’s 44 percent equity in PetroSolar Corp. and 7.5 percent equity in PetroGreen Energy Corp., making the latter a 75 percent-owned subsidiary of PERC with the 25 percent ownership held by Kyuden International Corp.
On Thursday, PERC’s share price rose by a centavo to close at P3.93 each.
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