PXP net loss down to P2.6B on better output, sales

MANILA, Philippines — Pangilinan-led PXP Energy Corp. trimmed its net loss to P2.6 billion in the three months ending March this year as it recorded higher output and sales despite lower prices. In a disclosure on Wednesday, PXP Energy said the figure was a contraction of 57 percent from the P6.1 billion in the same period a year ago. Consolidated revenues improved by 47.2 percent to P26.3 million but consolidated costs and expenses climbed by 20.6 percent to P27.1 million. The listed company recorded a 44.6-percent increase in output sold to end at 196,826 barrels, albeit the average crude price […]…

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