Yuchengco-led PetroEnergy Resources Corp. (PERC) reported a 14.3 percent drop in consolidated net income for the first quarter to P240.62 million, down from P280.80 million a year ago, as the company recorded no oil revenues during the period. The group's renewable energy operations remained its primary revenue driver, with electricity sales seeing a slight increase and benefits from the commencement of new solar and wind projects.
Yuchengco-led Petro Energy Resources Corp. on Friday reported a 14.3 percent drop in consolidated net income for the first quarter to P240.62 million, down from P280.80 million a year ago, as the company recorded no oil revenues during the period.
In a disclosure to the Philippine Stock Exchange, PERC said net income attributable to equity holders of the parent company declined 2.46 percent to P139.92 million for the quarter ended March 31, compared with P143.46 million during the same period in 2025. The group’s renewable energy operations remained its primary revenue driver.
Electricity sales saw a slight increase following the full operation of the 13.2-megawatt Nabas Wind Power Project Phase 2 and continued generation from the 27 MW Dagohoy Solar Power Project and the 19.6 MW San Jose Solar Power Project. Revenue also benefited from the commencement of the 34 MW Limbauan-2 Solar Power Project.
PERC noted that improved tariff rates for the 36 MW Nabas Wind Power Project Phase 1 and the 50 MW Tarlac Solar Power Project Phase 1 contributed to gains. However, these were partially offset by scheduled preventive maintenance shutdowns at Maibarara Geothermal Inc.’s units in March. The company reported no oil revenues for the quarter because no crude oil liftings were allocated to consortium partners for the Etame oil operations in Gabon, West Africa.
Looking ahead, PERC is expanding its renewable energy pipeline with the construction of the 20 MW/40 MWh Panitan Energy Storage Project and the pre-development of the 98.2 MW Panitan Solar Power Project in Capiz. The company said these investments, financed through internally generated funds and borrowings, reflect its commitment to expanding its clean energy portfolio and creating sustainable value for shareholders.
Petroenergy Resources Corp. PERC First Quarter Net Income Oil Revenues Renewable Energy Electricity Sales Solar Power Projects Wind Power Projects Etame Oil Operations Gabon West Africa Panitan Energy Storage Project Panitan Solar Power Project Clean Energy Portfolio Sustainable Value For Shareholders
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