PetroEnergy earn­ings jump to $3.79 mil­lion

Business World - - CORPORATE NEWS - Fi­nan­cial Times

PETROENERGY Re­sources Corp. (PERC) re­ported its net in­come at­trib­ut­able to eq­uity hold­ers more than dou­bled to $3.79 mil­lion in 2017, from $1.77 mil­lion pre­vi­ously, as a re­sult of higher elec­tric­ity sales.

“Our 2017 fi­nan­cial per­for­mance shows PERC’s growth- driven di­rec­tion, cred­ited mainly to the ef­fi­ciency and re­li­a­bil­ity of our RE ( re­new­able en­ergy) power plant op­er­a­tions. And to be rec­og­nized re­cently by the

as one of the fastest­grow­ing com­pa­nies in the Asia- Pa­cific re­gion is truly and en­cour­ag­ing achieve­ment for PetroEnergy,” said PERC Pres­i­dent Mi­la­gros V. Reyes in a state­ment.

PERC said the in­crease in net in­come was largely be­cause of higher rev­enues from the sale of elec­tric­ity from its re­new­able en­ergy in­vest­ments.

Rev­enues from its petroleum op­er­a­tions in 2017 also in­creased by 22% as a re­sult of slightly higher crude oil prices.

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