PNOC income drops in 2nd quarter

State-led Philippine National Oil Co. (PNOC) saw a 60% decline in its comprehensive net income in the second quarter, after posting lower revenues.

Second-quarter net income stood at P139.99 million, lower than the P348.68 million in the same period last year, according to the PNOC’s unaudited financial statement obtained by BusinessWorld through the Electronic Freedom of Information portal on Friday.

PNOC sales in the three months ending June stood at P339.92 million, slumping from its P664.88 million level a year ago.

Service and business income reached P338.21 million, lower than its previous P614.54 million.

This comes after a 70% decline in comprehensive income in the first quarter to P64.27 million.

In 2020, PNOC reported an 18% drop in net income to P583.60 million due to a decrease in the selling price of its banked gas which it sold to Pilipinas Shell Petroleum Corp.

The state energy firm owns banked gas reserves in the Malampaya gas field. Its upstream oil, gas and coal subsidiary, PNOC Exploration Corp., also holds a 10% interest in service contract 38 which includes the offshore field.

In a separate announcement on Friday, PNOC said that it has suspended public bidding proceedings for the procurement of projects due to the enhanced community quarantine placed on National Capital Region (NCR) and other areas. — Angelica Y. Yang

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