PetroEnergy earnings jump to $3.79 million
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.