PNOC-EC says expenses, lower revenue trim 1H net income

PNOC-Exploration Corp. (PNOC-EC), the oil and gas exploration unit of the state-owned Philippine National Oil Co., on Tuesday said its net income dropped by 13.35 percent to P970.4 million in the first half of the year from P1.1 billion a year earlier. Higher operating costs and expenses and a decline in revenue helped trim the company’s net profit, it said Tuesday in a disclosure to the Philippine Stock Exchange. It revenue was shaved by the scheduled maintenance of Malampaya natural gas where PNOC-EC holds a 10 percent stake PNOC-EC is 99.78 percent owned by PNOC, with the 0.22 percent held by individual investors. —VS, GMANews.TV