Petron income hits P8.2 billion in first 6 months

PETRON CORP. on Tuesday reported its consolidated net income surged 56% to P8.2 billion in the first six months of the year, as the oil refining and marketing company sustained sales volume growth in the Philippines and Malaysia.

In a statement, Petron said the strong first half performance was achieved despite losses in its crude oil inventory and a 45-day scheduled maintenance shutdown of its refinery.

“With our upgraded refining capabilities, we derived more value and produced more profitable products. This is strongly complemented by our extensive expansion efforts in both our logistics and retail businesses,” Petron President and CEO Ramon S. Ang was quoted as saying in a statement.

Total sales volume for the January to June period stood at 52.9 million barrels, inching up from the previous record of 52.6 million in 2016. Petrochemical sales likewise soared 78% from the same period a year ago, but no figures were given.

Petron said its operating income rose 27% to P14.6 billion during the first semester, from the P11.5 billion during the same period a year ago.

At present, Petron a retail network of almost 2,900 service stations, with more than a fifth located in Malaysia.

Shares in Petron added 3 centavos to close at P9.65 apiece on Tuesday. —