PetroEnergy Resources Corporation’s (PERC), the publicly-listed energy unit of the Yuchengco Group of Companies (YGC), reported a 29 percent jump in its net income from January to September, driven by higher electricity sales and a surge in interest income from short-term investments.
In a disclosure to the stock exchange, PERC noted that the growth in earnings offset a decline in revenues from its Gabon oil operations attributed to lower average crude oil prices compared to the same period last year.
“Electricity sales increased significantly due to improved generation from the 32 MW Maibarara Geothermal Power Project, the 70 MWDC Tarlac Solar Power Project (operated by PetroSolar Corporation – PSC), and the 36 MW Nabas Wind Power Project.
PERC has increased its equity interest in PetroGreen Energy Corporation (PGEC) from 67.5% to 75%. It also has direct ownerships in PSC and PWEI at 44% and 20%, respectively.
Further expansion of PERC’s renewable energy ventures was made by forming Rizal Green Energy Corporation, a new 100%-owned PGEC subsidiary that will hold and develop solar projects in Bohol, Nueva Ecija, Pangasinan, and Isabela.
These developments are key steps in PERC’s goal of becoming a sustainable energy developer, the company said.