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BusinessWorld
May 7, 2021 | 12:03 am
YUCHENGCO-LED PetroEnergy Resources Corp. said on Thursday that its attributable net income to the parent firm rose 9% to P319 million in 2020 on the back of higher revenues from its solar plant in Tarlac.
â[PetroEnergyâs] strong financial performance in 2020 was driven largely by the full-year operations of its 20 MW Tarlac-2 solar plant, the latterâs higher than forecasted revenues due to prolonged âsummerâ in 2020, and FIT (feed-in tariff)-rate adjustments,â it said in a regulatory filing.
The operations of the solar plant have offset lower oil revenues from the companyâs oil ventures in Gabon, West Africa as a result of a lower average crude oil price at $49.72 per barrel last year compared with 2019âs $64.94 a barrel.