PetroEnergy income up 21% in 2020 due to Tarlac solar farm
on May 7, 2021 at 3:58 pm
Yuchengco-led PetroEnergy Resources Corp. (PERC) recorded a growth in its consolidated net income by 21% to Php646 million from Php534 million in 2019, due to the full-year operations of its 20-megawatt (MW) Tarlac-2 solar plant.
Other factors that led to PERC’s “strong financial performance” last year were the prolonged season and feed-in-tariff rate adjustments, it said in a disclosure to the Philippine Stock Exchange on Thursday.
PERC also posted a nine percent increase in its net income attributable to parent company from Php293 million to Php319 million year-on-year.