Philex Petroleum posts P40.7-M net loss in H1

Posted at 07/25/2014 4:00 PM

MANILA, Philippines - Philex Petroleum Corp. on Friday said its net loss narrowed to P40.7 million in the first half of 2014, from P225.2 million net loss posted during the same period a year ago.

"The lower net loss was mainly due to higher petroleum revenues of Forum Energy Plc in SC 14C1 Galoc, reduction in general and administrative expenses, decrease in interest expenses, and lower foreign currency exchange losses," the company said in a disclosure to the Philippine Stock Exchange.

Philex Petroleum reported its revenues jumped to P198.24 million in the January to June period, significantly higher than the P96.321 million revenues posted during the same period a year ago.

The bulk came from petroleum revenues from Forum Energy, which has a 2.27 percent stake in Galoc oil field.