Petron Corporation (PCOR) recorded a 20% drop to Php 6.14 billion in its net income for the first half of the year, the company announced disclosed in the Philippine Stock Exchange (PSE).
The company said that its top and bottom lines were affected by the plunge in global oil prices. However, its consolidated sales volume saw a 12% increase as it reached 57.61 million barrels this year compared to 51.41 million barrels in the same period last year.
For its Philippine operations, the corporation’s sales volumes increased by 16%, reaching 34.93 million barrels, due to the country’s strong demand for recovery.
“These results demonstrate our proven ability to secure our cash flow and maintain financial resilience amid changing market conditions,” said Petron President and CEO Ramon S. Ang.
Meanwhile, Petron’s combined sales volume in commercial businesses increased by 13% in the first half of the year. Additionally, total retail sales in the Philippines and Malaysia showed an 8% year-on-year improvement.
Despite the increase in the company’s sales volume, Petron’s consolidated revenues declined by 8%, amounting to Php 367.04 billion compared to Php 398.52 billion last year.
Nevertheless, Petron maintained its consolidated operating income of Php 16 billion this year, due to volume growth.
Apart from the continuing construction of Petron’s coco-methyl ester plant, which will aid the company to heighten its exercise of blending clean alternative fuel and generate better margins for diesel, it will roll out the company’s first batch of e-vehicle charging stations in the second half of the year.
“Our growth strategy is on course as we continue to work on vital programs at our refinery, terminals, and service stations that will ensure our stability, productivity, and sustainability as an oil company,” Ang added.
