Petron nine-month net income up by 47% at P7.4B

Oil refining and retailing giant Petron Corp. saw its nine-month consolidated net income to grow by 47 percent to P7.4 billion from P5.1 billion a year earlier.

The oil company attributed its January to September performance to growth in sales volume due to strong demand and improved efficiencies.

“We are confident that we can substantially increase our profits in 2016 compared to last year as demand for fuel remains strong. Strong demand combined with strategic programs we have successfully executed means a higher growth trend for Petron over the long-term,” Petron President and Chief Executive Officer Ramon Ang said in a disclosure to the Philippine Stock Exchange on Tuesday.

Petron noted that its Philippines and Malaysia combined operations grew by six percent at 78.2 million barrels from 73.6 million barrels sold in 2015.

Consolidated revenue stood at P247.8 billion, down 11 percent from P278.3 billion due to lower fuel prices.

Petron noted that increase in sales volume partially offset the decline in revenue.

Domestic sales in the Philippines alone rose by 3.3 million or 10 percent at 36.4 million barrels on the back of increased industrial diesel sales, retail gasoline volumes, high demand form the aviation sector, and growing liquefied petroleum gas (LPG) consumption from households.

Petron added that its Malaysian operations also grew by 8 percent.

The oil company’s operating income amounted to P16.8 billion, up by 23 percent. — VVP, GMA News