PNOC posts P12.3-B operating income
Tuesday, March 14, 2006
By MYRNA M. VELASCO
The year 2005 proved to be a good one for state energy firm Philippine National Oil Company (PNOC) with it hitting net operating income of P12.282 billion, a 34 percent jump from the previous year’s P9.204 billion.
"Higher oil, natural gas and coal prices as well as higher sales volume in 2005 had a significant impact on earnings," the company said in a statement to media.
PNOC further noted that it was able to shore up revenues by 12 percent to P28.75 billion from the year-ago level of P25.65 billion.
It would be noted that its subsidiaries have been putting in remarkable income records, with PNOC-Energy Development Corporation netting P8.9 billion in income last year.
Amid a foreseeable financial upturn, the company said it worked on "improving cost structure"; and this entailed primarily the need to cut down on its operating expense.
The result of this initiative was a 9.0 percent drop in its operating expenditures to P2.51 billion from P2.75 billion in 2004.
"This was achieved largely by implementing the government’s rationalization and austerity program and a disciplined investment strategy," the state-run energy firm has emphasized.
With this improved earnings, PNOC divulged that it is expecting to remit a total of P4.9 billion in income taxes, a whopping 215 percent increase from its payment of P1.57 billion the previous year.
While continuing to build up strategies on its operations, the company noted that targetted "growth opportunities are excellent."
It talks of aggressively cornering contracts for petroleum exploration acreage in the South China Sea off Palawan and the proposed development of new geothermal power capacity in Negros.
posted by philpower @ 7:07 AM,
