Petron posts

Up 58% in first 9 months

As it inches up on its mark as a significant oil industry player in the Asia Pacific region, leading Philippine oil firm Petron Corporation has also been impact fully building up its bottom line having logged consolidated net income of R11.8 billion in this year’s January-September stretch, 58 percent higher than the yearago financial outcome of R7.4 billion.

Within the nine-month span, the oil firm’s consolidated revenues also climbed 27 percent to R313.5 billion from R247.8 billion the previous year; while operating income had expanded 31 percent to R22.1 billion vis-à-vis the 2016 level of R16.8 billion.

The company said “the impressive result was driven by continued focus on high-value segments and sustained sales volumes from its Philippine and Malaysian operations.”

Petron Chairman Eduardo M. Cojuangco Jr. asserted that the company “will definitely have another year as we reap the benefits of our strategic programs,” further emphasizing that “these have given us more diverse income streams and improved profitability.

As indicated, sales in both core markets of Philippines and Malaysia reached 80.2 million barrels in the three quarters, inching up just slightly from 79.3 percent in the same review period in 2016.

The oil firm similarly qualified that volume growth sales-wise, could have