Yuchengco-led PetroEnergy Resources Corp. (PERC) on Friday said expansion and acquisition cut its first quarter earnings to P280.8 million from P321.7 million in the same period last year.
PERC disclosed to the stock exchange that net income attributable to equity holders of the company in the first quarter of 2025 also declined to P143.46 million from P185.425 million.
Consolidated revenues went up slightly to P1billion from P945 million last year on the back of a healthy 12.66 percent increase in electricity sales to P885 million during the period from P766 million in the same period in 2024.
The higher revenues, however, was impacted by renewable energy (RE) expansion-related expenses and lower profit from Gabon oil production in Africa.
PERC said oil production from the Etame concession in offshore Gabon dropped to 435,000 barrels from January to March 2025 compared to 464,000 barrels in same period in 2024.
It said the lower average crude oil prices of $75.74 per barrel during this period compared to $82.81/bbl last year contributed to the dip in oil revenues.
PERC’s RE expansion resulted in the commissioning of three new generating units to its portfolio, namely the first phase of the 13.2 MW Nabas-2 wind in Aklan, the 27 MW Dagohoy solar project in Bohol, and the 19.6 MW San Jose solar project in Nueva Ejica.
Total assets grew 8 percent year-on-year to P23.82 billion from P22.02 billion while liabilities and equity increased to P9.92 billion from p9.03 billion and to P13.90 billion from P12.99 billion, respectively.
PERC is an energy company with a diversified set of assets which includes RE development, power generation and upstream exploration.
