PetroEnergy Resources Corp. said Tuesday consolidated net income improved by 24 percent in the first nine months to P677 million from P544 million in the same period last year on higher fuel prices.
PERC said in a disclosure to the stock exchange the bulk of revenues came from electricity sales of its renewable energy operating units under the holding firm PetroGreen Energy Corp.
PERC’s third-quarter net income also went up 8.4 percent to P171.2 million from P157.92 million.
These include the 32-megawatt 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.
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.
PERC posted P1.92 billion in revenues in nine months, a 10 percent increase from P1.74 billion in revenues last year.
The company said higher global crude oil prices and higher offtake rates for PSC’s Tarlac-2 solar power plant resulted in a 44 percent increase in net income attributable to PERC parent.
PERC is banking on new power projects to boost future revenues.
Its subsidiary PGEC and partner Danish firm Copenhagen Energy is developing offshore wind projects with a total combined capacity of 4,000 megawatts.
PGEC and Copenhagen Energy will form three special-purpose vehicles to oversee the investment and development of offshore wind service contracts awarded by the Department of Energy in 2021.
The parties signed the incorporation documents on Nov. 4 for Buhawind Energy Northern Luzon (2,000 MW), Buhawind Energy Northern Mindoro (1,000 MW) and Buhawind Energy East Panay (500 MW to 1,000 MW).
The company also plans to pursue the 25-MW Bugallon solar project in Pangasinan and the 27-MW Dagohoy solar project in Bohol.