Petron Corporation (PCOR) reported an overall net income of P12.1 billion in the first nine months of 2018, despite high pump prices due to fuel demand.
PCOR’s net income increased by 3 percent from the P11.8 billion reported in the same period last year.
The growth was due to better performance of its Malaysian operations, sustained volumes growth in its home country, and growth from its petrochemical business.
Combined sales in Malaysia and the Philippines amounted to 8.14 million barrels over the period, almost 1.2 million higher than last year.
Petron Malaysia continued to earn round fuel by a 10 percent jump in retail sales.
Total Philippines volumes slightly increased by 1 percent to 47.2 million barrels in the first three quarters of 2018.
Petrochemical volumes increased by 3 percent while polypropylene sales upped by 20 percent.
Total revenues from the Philippines and Malaysia increased by 34 percent to P419.9 billion from last year’s P313.5 billion.
Bellwether Dubai crude increased by 25% from December 2017 to average US$77.25 per barrel in September 2018. Operating income for the first nine months slightly went up by 1% to P22.3 billion.
“Despite a challenging environment that brought pump prices to new highs and resulted in weaker demand, Petron continued to thrive and delivered above expectations,” said Petron Chairman Eduardo M. Cojuangco, Jr.
“We remain the undisputed industry leader and will continue to pursue our long-term strategies namely optimizing our regional refining assets, increasing our market share in the Philippines and Malaysia, and the roll-out of new products for our customers,” Petron President and CEO Ramon S. Ang added.