PXP Energy Corporation has cut its core net loss by 66.9% to Php5.6 million in the first quarter of the year from Php16.9 million in the same period last year.
In a disclosure to the Philippine Stock Exchange on Friday (April 30), the company reported an unaudited consolidated net loss attributable to equity holders of the parent company of Php4.3 million, 86.6% lower compared to the Php32 million posted year-on-year.
This comes as no petroleum revenues were made for the quarter since the company’s first oil lifting for the year happened only after March 31.
Consolidated costs and expenses were 32.5% lower at Php18 million compared to Php26.7 million year-on-year, as there was no production costs recognized in Service Contract (SC) 14C-1, or the Galoc Field off the coast of Palawan.
“However, this was offset by the increase in the group’s general and administrative expenses to P18.0 million [from Php14.4 million in the same period] resulting primarily from increase in legal expenses that the group incurred during the ordinary course of business,” the disclosure read.
PXP Energy has emphasized that is “focused on fulfilling its work commitments” for SC 72 and SC 75, both located in the West Philippine Sea.