PetroEnergy Resources Corp. said consolidated net income jumped 103 percent in the first nine months to $7.71 million from $3.81 million a year ago.
The company said net income attributed to PetroEnergy equity holders also increased 227 percent to $4.18 million from $1.28 million in the same period last year.
PetroEnergy president Milagros Reyes said, “our renewable energy facilities are showing good results in terms of energy yield and operational efficiencies”.
PetroEnergy attributed the company’s strong performance to the efficient operation of three renewable energy projects, including 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.
The company said the efficient operations resulted in the increase in the net income of the operating companies: 58 percent for Maibarara Geothermal Inc., 25 percent for PetroSolar Corp. and eight percent for PetroWind Energy Inc.
PetroEnergy said the slightly higher average crude oil prices also contributed to the profit increase, with average price reaching $50.35 per barrel in the third quarter compared to $38.08 per barrel in the same period last year.
“We are optimistic that if we are able to sustain this performance, we will be on-track in achieving our full year targets,” said Reyes.
PetroEnergy’s subsidiary, Maibarara Geothermal Inc., is also expecting to start the commercial operations of its 12-MW Maibarara-2 expansion before the end of the year.
The company also obtained the environmental clearance for its Puerto Princesa Solar Power Project, the first utility-scale green power project in the whole of Palawan.