Basic Energy profit plummets in 2023

By Ed Paolo Salting

Apr 17, 2024 12:34 am

LISTED holding company Basic Energy Corp., which has interests in renewable energy and alternative fuels, and oil and gas exploration and development, said Tuesday that net income plunged to P99.59 million in 2023, markedly lower than the P585.8 million booked a year earlier.

The company said in a filing that the weak performance was due to lower sales, with revenues down to P64.07 billion from P74.64 billion.

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