Philex Petroleum Corporation (Philex Petroleum) today announced its consolidated financial results for the first half of 2012 amounting to a net loss of P80.498 million, compared to a net income of P523.09 million in the same period last year which included a non-recurring extraordinary income of P443.67 million. Consolidated net loss for the second quarter amounted to P34.25 million compared to a net income of P70.84 million of the same quarter last year.
The resulting net loss for the first half, is principally due to income from the Galoc field (through Forum Energy Plc "Forum") in which Phile Petroleum holds a total direct and indirect interest of P60.49) being 87% lower than the first half of 2011 due to the temporary suspension of production at the Galoc oil field in Service Contract 14C1 which was required while the Floating Production, Storage and Offloading (FPSO) vessel was upgraded. Production at the Galoc field has subsequently recommended at normal rates.
Revenue from petroleum in Forum during the first amounted to P57.77 million while revenue from coal in Brixton Energy and Mining Corporation (Brixton), a wholly-owned subsidiary of Philex Petroleum engaged in exploration, development and utilization of coal resources, amounted to P15.72 million. Revenues for the second quarter amounted to P48.96 million for petroleum in Forum and P15.64 million for coal in Brixton.
Manuel V. Pangilinan, Chairman and CEO of Philex Petroleum commented, "While it was not a profitable first half, we look forward to an improvement in the second half with the enhanced reliability expected from the Galoc operations following the FPSO upgrade, and increased sales from the Brixton coal project."
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"Philex Petroleum Corporation announces 2nd Quarter Financial Results 2012"
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