/ PETRON ENDS Q1 WITH P1.73B NET INCOME

PETRON Corp.’s positive momentum continued well into the first quarter of 2021 as it reported a consolidated net income of P1.73 billion, a reversal of its P4.9 billion net loss in the same quarter last year and higher than its P1.2 billion net income in the fourth quarter of 2020. While Petron’s total sales performance for the first three months continued to improve compared to the average of the last three quarters of 2020, it still reflected the demand destruction from the pandemic. First quarter volumes reached 19.38 million barrels, 21 percent lower than the 24.66 million barrels sold in the same period last year, while consolidated revenues decreased 20 percent to P83.3 billion from P104.62 billion a year ago.