On account of higher finance charges that it incurred due to direct equity acquisitions, the net income of Yuchengco-led of PetroEnergy Resources Corporation (PERC) had declined 11% to P527 million in the first half of the year from heftier P591 million in the same period last year.
The company expounded that there was a direct impact on its financial performance when PERC acquired the 20% stake of affiliate EEI Power Corporation on its subsidiary PetroWind Energy Inc.
Other than that, the Yuchengco firm also cornered 44% equity of EEI Power Corp in another subsidiary PetroSolar Corp; then 7.5% equity in PetroGreen Energy Corp.
At PetroGreen, which is one of its core companies developing renewable energy (RE) projects, this subsidiary’s 75% equity is owned by PERC, while the balance of 25% is held by Japanese partner Kyuden International Corporation.
“Consolidated income took a hit due to higher financing charges incurred from loans secured by PERC to fund the EEIPC acquisition,” the Yuchengco firm stressed.
Nevertheless, the scale of consolidated profit attributable to the equity holders of PERC had climbed 15% to P320 million versus last year’s P278 million, according to the company.
On the sales front, PERC similarly logged significant revenue uptick of 43% to P1.410 billion from the year-ago level of P984 million for generated electricity.
In its upstream petroleum venture, cash stream from its output had been flattish at P276 million from P280 million in the same-month period in 2023.
PERC further reported that it received dividends of P94.6 million last month from subsidiaries PetroGreen and PetroSolar, hence, that enabled it to declare cash dividend of P0.05 per share to its outstanding stockholders as of record date August 30, 2024.
The Yuchengco firm is one of the most aggressive players in the RE sector – with development portfolios spanning solar and wind farm installations as well as geothermal projects.