PETROENERGY Resources Corp. (PERC) said Friday that consolidated net income for the first half (H1) had risen 7.28 percent to P498 million from P464 million a year earlier.
Net income attributable to equity holders of the parent company grew 30.54 percent to P328 million from P251 million, with earnings per share increasing to P0.576 from P0.441.Revenues rose 8.14 percent to P2.16 billion, supported by an 11.76-percent increase in electricity sales to P1.78 billion.Oil revenues increased by 23.26 percent to P303 million, driven by higher crude prices.Meanwhile, the company saw a 17.83-percent rise in interest expenses to P355 million.Cost of sales climbed by 1.24 percent to P1.13 billion, tempered by favorable crude oil inventory movements.As of June 30, PERC’s consolidated assets reached P25.76 billion, up by 6.66 percent year on year.Equity attributable to parent shareholders rose 3.86 percent to P8.64 billion, lifting book value per share to P15.20 from P14.63.PetroEnergy’s share price rose by 28 centavos to close at P4.18 on Friday.
