Petron profit rises on Malaysia, PH operations

said that consolidated net income year surged 58 percent, boosted by the continued strong performance of its operations in the Philippines and Malaysia.

In a statement issued on Friday, the company said consolidated net income hit P11.8 recorded in 2016.

Petron said combined sales vol- ume in the two countries during the period reached 80.2 million - lion barrels sold a year ago.

It the retail segment, Petron said consolidated volumes grew 8 percent driven by network expansion in both countries and loyalty programs.

Petrochemical sales increased 24 percent following the company’s move to commission its upgraded - cantly increasing its fuel production, as well as petrochemicals to fuel the country’s economic growth,” the company said.

Consolidated sales revenue in billion in 2016. Operating income was up 31 percent at P22.1 billion.

“We will definitely have another banner year as we reap the benefits of our strategic programs. These have given us more diverse income streams and improved profitability,” Petron Chairman Eduardo M. Cojuangco, Jr. said.

“Petron is studying the next expansion aimed at increasing production of high-margin fuels and petrochemicals. The company is also expanding its logistics and retail network in both countries,” it said.