posted August 17, 2017
at 08:06 pm by Alena Mae S. Flores
Listed PetroEnergy
Resources Corp. said Thursday consolidated net income in the first six months
jumped 180 percent to $6.55 million from $2.34 million in the same period last
year, on strong income contribution from renewable energy projects.
PetroEnergy said in a
statement the higher consolidated income translated into a 401-percent increase
in net income attributable to the equity holders of the parent company .
The company’s renewable
energy projects include the 20-megawatt Maibarara Geothermal Power Project in
Batangas, the 36-MW Nabas Wind Power Project in Aklan and the 50-MW Tarlac
Solar Power Project in Tarlac.
Total electricity
exported from the three plants rose to 174,810 megawatt-hours in the first half
from 152,898 mWh in same period last year.
“Our renewable energy
facilities are showing good results in terms of energy yield and operational
efficiencies. We are optimistic that if we are able to sustain this
performance, we will be on track to achieving our full-year targets,” said PetroEnergy
president Milagros Reyes.
PetroEnergy’s
subsidiary, Maibarara Geothermal Inc., expects to start the commercial
operations of its 12-MW Maibarara-2 expansion project before the end of the
year.
The company also
obtained an environmental clearance for its Puerto Princesa Solar Power
Project, the first utility-scale green power project in Palawan province.
Slightly higher average
crude oil prices also contributed to the profit increase, with average price
reaching $50.38 per barrel in the first half this year from $35.59 per barrel a
year ago.
PetroEnergy’s petroleum
asset in Gabon West Africa produces 16,000 barrels of oil per day.
“We continue to
develop, under our PetroGreen Energy Corp. holding unit, a pipeline of
modest-sized renewable energy projects in high-demand or poorly-served areas
because we believe this is the fastest way to add much needed power capacity
for the country while ensuring shorter payback period for our investments,”
said PetroEnergy vice president F.G. Delfin Jr.
The company supplies
8.4 percent of wind power and 7.1 percent of solar power capacities in the
Philippines.
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