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June 1, 2021 | 12:02 am
Its return to profitability came after the company’s revenues soared to P125.16 million from P9.76 million.
The Philodrill Corp., wherein the company has a 34.32% stake in, reversed to a P6.3-million profit during the period from last year’s P18-million net loss. The Galoc field is said to have produced 152,701 barrels in the first quarter.
Its 28.64%-owned Atlas Consolidated Mining and Development Corp. posted a net income of P120.4 million during the three-month period, swinging from a loss of P36.8 million in the first quarter of 2020.
Meanwhile, United Paragon Mining Corp. recorded a net loss of P15.6 million, widening its P11.3-million loss from the same period last year. The company has a 25.68% stake in United Paragon.