Philippines: PetroEnergy's income surges 180% to $6.55m

Philippines: PetroEnergy's income surges 180% to $6.55m

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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Link to Original Article:
http://manilastandard.net/business/banking-report/244724/petroenergy-s-incom
e-surges-180-to-6-55m.html

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com