Business Mirror
THURSDAY, 05 JANUARY 2012 20:41 LENIE LECTURA / REPORTER
PNOC Exploration Corp. (PNOC-EC) is targeting to hit P3 billion in net income for 2011, higher than the P2.42 billion posted the previous year.
The projected 24-percent increase in profit is on account of higher revenues and reduced expenses expected by the oil and gas arm of the state-owned Philippine National Oil Co. (PNOC).
“We’re working hard to reduce expenses through efficiency,” PNOC-EC Chairman Gemiliano Lopez said yesterday.
For the first nine months of 2011, PNOC-EC posted P2.46 billion in net income. This is 55-percent higher compared with the same period in 2010.
Lopez said PNOC-EC has big plans for 2012. It will pursue a plan to construct coal-fired power plants in Isabela and Zamboanga Sibugay.
The company is also looking at trading coal anew after suspending its trading activity due to financial losses. Lopez said the firm awaits stricter rules to prevent possible market losses.
PNOC-EC also plans to construct a compressed natural gas distribution facility this year that will supply this renewable fuel to some 1,000 buses operating in Metro Manila. It has earmarked P400 million for this.
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