By Lenie Lectura - December 3, 2018
PETROENERGY Resources Corp. (PERC)
of the Yuchengco group posted a 27-percent increase in consolidated income in
the first three quarters of 2018.
Net income reached $9.77 million
(about P513.98 million) at end-September this year from $7.71 million (P405.6
million) for the same period in 2017. The net income attributed to PERC’s
equity holders also increased by 40 percent compared to the same period last
year.
The improved performance was mainly
brought about by the company’s renewable-energy projects. PERC through its RE
holding firm, PetroGreen Energy Corp., is a partner in operating firms
Maibarara Geothermal Inc. (MGI), PetroWind Energy Inc. (PWEI), and PetroSolar
Corp.
PERC’s robust performance for the
first nine months of 2018 is due to additional revenues from MGI’s 12-megawatts
Maibarara-2 geothermal plant, a 52-percent increase in net income from PWEI’s
36-MW Nabas-1 wind plant due to strong winds in the third quarter and a
30-percent increase in crude oil revenues due to rise in global oil prices
during the period.
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