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Petron Corp. swings to net loss in first quarter
By JON VIKTOR D. CABUENAS, GMA News Earnings of Petron Corp. swung to a net loss in the first quarter of the year, dragged by lockdown restrictions imposed to prevent the spread of the coronavirus disease 2019 (COVID-19).
In an emailed statement, Petron Corp. reported a net loss of P4.9 billion in the first three months of the year, a reversal of the P1.3-billion net income in 2019.
Consolidated revenues fell 16% to P104.6 billion from P124.6 billion, as the combined sales volume for Philippine and Malaysian operations dropped to 24.7 million barrels from 26.3 million last year.
"The entire industry is going through a rough phase because of Covid-19’s impact on oil demand and prices," said Petron Corp. president and chief executive officer Ramon Ang.
"As expected, domestic consumption has gone down particularly in retail and aviation which is understandable because of travel bans and restrictions," he added.
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Metro Manila, along with several "high-risk areas," has been on lockdown since March 17. A modified enhanced community quarantine (MECQ) has been placed from May 15 to last until May 31, paving the way for more businesses to reopen.
San Miguel Corp., through Petron Corp., in April donated P3.9-million worth of fuel to support the government's free shuttle services for health workers amid the quarantine.
"Business is challenging. We have to be more prudent in managing our resources while ensuring that the needs of our customers are still met. Demand recovery will depend upon the lifting of quarantine measures and ultimately, finding a vaccine to fully restore mobility," said Ang.
"While we are hopeful for a swift recovery, we know that these are things we cannot rush. The health and safety of the people is still the most important," he elaborated.—AOL, GMA News