Yuchengco-led PetroEnergy Resources Corp. (PERC) reported a drop in its net income due to lower oil revenues and higher expenses to expand its power projects.

In a disclosure to the Philippine Stock Exchange (PSE) on Monday, Nov. 17, the company said its consolidated net income during the first nine months of the year declined by 16.6 percent from ₱691.96 million to ₱577.12 million.

PERC’s attributable net income likewise dropped from ₱404.09 million to ₱297.5 million.

The nine-month decrease was caused by lower oil revenues brought by a drop in global crude oil prices to $69.72 per barrel from $81.60 per barrel.

According to PERC, its renewable energy (RE) developments have raised the company’s financing expenses, as well as boosted power sales. This included the 27-megawatt-direct-current (MWdc) Dagohoy solar, 19.6-MWdc San Jose solar, and 13.2-MW Nabas-2 wind power projects.

This, in turn, resulted in an 11-percent increase in the firm’s consolidated electricity sales from ₱2.09 billion to ₱2.33 billion.

Dagohoy solar project, located in Bohol, began commercial operations last July, while San Jose solar farm in Nueva Ecija entered the grid last August.

Nabas-2 wind facility also began exporting power from its wind turbine-generators last August as part of its commissioning tests.

Meanwhile, its subsidiary PetroGreen Energy Corp. (PGEC) is expected to begin energizing its RE projects this year, namely the 27-MWdc Bugallon solar project in Pangasinan and 40-MWdc Limbauan solar in Isabela.

Once operational, Limbauan solar facility is projected to provide electricity to around 33,000 households, while also potentially reducing carbon emissions by 31,700 metric tons (MT).

“This will not only bring PERC’s total installed capacity by end-2025 to 266 MW but will contribute to further RE revenue growth in 2026 when the full-year financial impact of the new solar facilities will be felt,” the company said.