Pasig—(PHStocks)—Philex Petroleum Corporation (PSE: PXP) has reported a net loss of P1.086 billion for the year ended 31 December 2012, compared to a net income of PhP537.53 million in 2011. The 2011 results included a non-recurring extraordinary income of PhP443.67 million.
The net loss for the year is mainly due to a PhP388.63 million write-down of the investment made in SC 40 (participating interest through Forum in which Philex Petroleum holds a total direct and indirect interest of 60.49%), and a write-down of PhP578.25 million of the assets in Brixton, a wholly-owned subsidiary of the Company which holds COC 130 in the province of Zamboanga Sibugay.
Revenue from petroleum in Forum during the year amounted to PhP191 million. Revenue from coal in Brixton amounted to PhP48.03 million.
Manuel V. Pangilinan, Chairman and CEO of Philex Petroleum, comments, “We will continue to focus on our goal of proving the commerciality of the potential hydrocarbon resources in the SC 72 contract area located at the Recto Bank. However, in pursuing such goal, we appreciate the significant challenges arising from the location of SC 72, for which the continued support of the Philippine Government remains a critical factor.”