PetroEnergy 3Q 2017 net income increased by 103%
November 10, 2017
Publicly listed energy company, PetroEnergy Resources Corporation (PERC) posted a 103% increase in its total consolidated income amounting to $7.71 MM as of September 30, 2017 compared to $3.81 MM during the same period in 2016. The net income attributed to PetroEnergy equity holders increased by 227% from $1.28 MM in 2016 to $4.18 MM in 2017.
The increases in net income and income attributed to equity holders of PERC were mainly driven by the efficient operation of PERC’s three renewable energy projects: 20MW Maibarara Geothermal Power Project in Batangas, 36 MW Nabas Wind Power Project in Aklan, and 50 MW DC Tarlac Solar Power Project in Tarlac.
The efficient operations resulted in the increase in the net income of the operating companies: 58% for Maibarara Geothermal, Inc (MGI), 25% for PetroSolar Corporation (PSC) and 8% for PetroWind Energy, Inc (PWEI) compared to similar period in 2016.
Slightly higher average crude oil prices also contributed to the profit increase, with average price reaching $50.35 per barrel for the 3 rd quarter compared to $38.08 in the same period last year.