Philippines’ PNOC-EC posts 10% drop in H1 profit

摘要

Manila-State-owned and Philippines-listed Philippine National Oil Company-Exploration Corporation August 17 reported a fall in net income of nearly 10% to Pesos 970.4 million ($21 million) in the first half of 2010, from Pesos 1.075 billion a year earlier. PNOC-EC, which is the upstream oil and gas subsidiary of state-owned PNOC, attributed the lower income to a decline in gas offtake and condensate lifting from the Malampaya field and higher operating expenses. The drop was, however, offset by a hike in bunkering services and coal sales, the company told the Philippine Stock Exchange.