MANILA, Philippines - Manuel V. Pangilinan-led Philex Petroleum Corp.posted a P131.85 million net loss in the first 9 months of the year, on lower revenues from Galoc oil field.
The company swung to a loss in January to September, compared to the net profit of P472.11 million a year ago which had included a one-time gain of P443.67 million
"The resulting net loss for the period is mainly due to lower petroleum revenues from Service Contract 14 Block C-1 “Galoc” (participating interest owned through Forum Energy Plc in which Philex Petroleum holds a total direct and indirect interest of 60.49%). Production from Galoc was suspended from November 23, 2011 to April 1, 2012 for the refurbishment of the Floating Production, Storage and Offloading vessel and the upgrading of the FPSO mooring system," the company said.
Philex said revenue from petroleum in Forum reached P120.30 million in the January to September period.
Meanwhile, revenue from coal in Brixton Energy & Mining Corp., a wholly-owned subsidiary that holds a coal operating contract in Zamboanga Sibugay, reached P34.07 million.
However, Pangilinan, chairman and CEO of Philex Petroleum, said there are concerns about the viability of its coal business due to dropping prices.
"While we are pleased with the Galoc performance following the FPSO refurbishment and mooring upgrade, we continue to be concerned as to the short term viability of our coal business having regard to falling regional coal prices," he said, in a statement.
Philex Petroleum was earlier reported to be in talks with one of China’s biggest firms for possible oil and gas exploration in Recto Bank, which is near the disputed Spratly Islands.