Petron Corp. earnings up 55% to P5.3B

Petron Corp. earnings up 55% to P5.3B

Petron Corporation on Monday announced their net income of P5.3 billion on strong growth in sales, a 55 percent increase from P3.4 billion in the same period last year.

The firm said they attributed their earning to their network expansion, improved production and cost efficiencies, and a closer commitment to their customer programs.

“Petron continues to deliver strong results amid the prolonged slump in oil prices. This is a direct effect of much improved operational productivity and the expansion of our markets,” Petron president and CEO Ramon Ang said.

Industrial sales in the country grew by 14 percent due to more participation in the aviation and power generation; lubricants sales increased by 18 percent, and LPG sales grew by 12 percent because of more demand from the transport sector and households.

Consolidated sales volumes in the Philippines and Malaysia increased by nine percent to 51.8 million barrels from 47.4 million barrels in the same period last year.

However, consolidated sales revenues fell 13 percent from P186.1 billion to P161.9 billion because of lower crude oil prices.

The company maintained its margins because of the $2-billion Bataan refinery upgrade. This increased the production of higher value white products and petrochemicals.

Its operating income grew 29 percent from P8.9 billion in the first half of 2015 to P11.5 billion today.

“We are well-positioned to sustain our performance throughout the year,” Ang said.