Yuchengco’s PERC expects 33% profit rise this year
Petro Energy Resources Corp. (PERC) of the Yuchengco Group is projecting a net income growth of 33 percent this year after a marked improvement in the first half, its president Milagros V. Reyes said.
“Our forecast is upbeat for 2017 since our first half financial performance already show a marked improvement in revenues and net income compared to the same period last year. If this efficiency is maintained, we project a 33 percent increase in our net income at the end of this year,” she said.
During the stockholders meeting, Reyes reported the company registered a 179 percent increase in net earnings amounting to $6.55 million and a 14 percent rise in revenues to $16.1 million from January to June this year.
She said the company’s venture into the renewable power generation begin to bear fruit in 2016, closing the year with a net income of $5.9 million, a 27 percent increase from $4.6 million in 2015.
PERC owns 65 percent of 20-megawatt (MW) Maibarara Geothermal power plant (MGPP), 56 percent of the 50-MW Tarlac solar plant under PetroSolar Corp., and 40 percent of the 36-MW Nabas-1 Wind Power Project (NWPP) under PetroWind Energy Inc.
“We now have 106 MW with an additional 12 MW expected to be put on stream by the last quarter of 2017,” Reyes said.