Yuchengco-led PetroEnergy Resources Corporation (PERC) registered a consolidated net income of Php253 million for the first quarter of 2022, a 48% jump from last year’s Php 170 million.
PERC said that the increase was attributed to the higher crude oil prices, power sales, and lower interest expenses.
The company’s electricity sales mostly came from its 70.1-megawatt (MW) Tarlac solar plant and its 50MW Nabas wind power plant in Aklan under subsidiary PetroGreen Energy Corporation.
“The [group] maintained a healthy financial position with total assets of P13.6 Billion and total equity of P8.6 Billion,” PERC said in a statement.
PERC previously said that it will be expanding its renewable energy projects, including the 20MW Maibarara geothermal plant in Batangas, as well as installations for solar and wind facilities.