Philex Petroleum incurs P101-M loss in 2013

Posted at 02/20/2014 2:59 PM | Updated as of 02/20/2014 2:59 PM

MANILA – Philex Petroleum posted an audited consolidated net loss of P101.2 million in 2013, the company said Thursday.

In a disclosure to the Philippine Stock Exchange, Philex Petroleum said the net loss incurred in 2013 was lower than 2012’s net loss of P1.086 billion due to a gain on sale of Pitkin Petroleum's assets of P246.6 million, partly offset by the increase in general and administrative expenses related to the consolidation of Pitkin.

In 2013, Pitkin sold its shares in Vietnam American Exploration Company LLC for about P2.1 billion.

Philex Petroleum said it posted a gain on a sale of P213 million from the transaction.

Philex also said that its subsidiary Brixton has finalized agreements for the assignment of Coal Operating Contract 130 in Zamboanga Sibugay to Grace Coal Mining and Development, Inc., pending approval of the Department of Energy.

The underground coal mines under COC 130 were closed in September 2013, following suspension of operations in January 2013 due to low coal prices.

Philex has clarified, however, that it will not be exiting the coal business.