PetroEnergy profit down 20% to P692 M

The earnings of Yuchengco-led PetroEnergy Resources Corp. (PERC) plunged by double digits from January to September due to higher costs incurred following aggressive portfolio buildup.

- By BRIX LELIS

The company saw its net income fall by 20.8 percent to P692 million during the nine-month period from last year's P874 million.

The weaker earnings were attributed to increased interest and tax expenses related to PERC's series of direct equity acquisitions in PetroWind Energy Inc. (PWEI), PetroSolar Corp. and PetroGreen Energy Corp.