Petron Corporation earns Php3-B in H1 of 2014

MANILA, Aug. 6 (PNA) — Petron Corporation reported earnings of Php3 billion for the first half of 2014, which was attributed from higher gas sales both in the Philippines and in Malaysia.

”Industry leader Petron Corporation posted a net income of Php3 billion in the first half of 2014, higher than the P1.1 billion income over the same period last year, on the back of higher sales volumes from both its Philippine and Malaysian operations,” the company said in a statement.

The company noted a 10 percent increase of sales volume from the Philippines caused by its service station expansion program and rapid economic activity, while a 6 percent sales volume hike in Malaysia was brought about by a stronger network, industrial and Liquefied Petroleum Gas (LPG) sales.

“Our expansion, logistics, and branding initiatives have enabled us to deliver strong results across major business segments,” said Petron Chairman and Chief-Executive-Officer (CEO) Ramon S. Ang.

Petron has 2,200 service stations in the Philippines, which were identified by the company as a large factor for their progressive sales volume, along with the oil company’s industrial sales received from the fishing and power sector.

In Malaysia, Petron has given an update on their company rebranding, in which 380 over 550 gas stations were the latest number to be converted, while another 10 Petron stations were recently opened in the area. It has also bagged major aviation transactions in the country.

Specifically, the Philippines has increased its sales volume to 25.1 million barrels from last year, while Malaysia’s sales volume also hiked to 18 million barrels.

Moreover, Petron stated that the combined sales volume increased by 8 percent to 43.1 million barrels for 2014’s 1st half from 39.8 million barrels during the same period last year, which made a total consolidated sales revenues of Php258.2 billion, still higher than Jan-May 2013’s Php218.8 billion. (PNA)