February 24, 2013

Philex Petroleum Posts Net Loss Due to Write Downs


Philex Petroleum Corp. led by businessman Manuel V. Pangilinan has reported a net loss of P1.086B for 2012 versus net profit of P537.5 M in 2011. The net loss for the year is mainly due to a P388.63 M write-down of the investment made in SC 40 (participating interest through Forum Energy Plc. in which Philex Petroleum holds a total directand indirect interest of 60.49%), and a write-down of P578.25 M of the assets in Brixton Energy & Mining Corp., a wholly-owned subsidiary of the Company which holds COC 130 in the province of Zamboanga Sibugay.

“The net loss for the year is mainly due to a P388.63-million write-down of the investment made in SC 40 (participating interest through Forum Energy), and a write-down of P578.25 million of the assets in Brixton,” it said.

The company revenues from petroleum business in Forum Energy has a total of P191 million in 2012 whle P48.03 million came from coal operations in Brixton.

Source:  http://business.inquirer.net/109027/philex-petroleum-posted-p1-09-b-net-loss-in-2012