Petron bags P5.1-B net income, up by 58% year-on-year

By Juzel L. Danganan

MANILA, Oct 27 (PNA) — Petron Corporation bagged a net income of Php 5.1 billion for the past three quarters of 2015, an increase of 58 percent year-on-year from Php 3.2 billion.

The oil firm explained it was driven by the surge in sales volume and a stable price environment.

Petron’s revenues, on the other hand, amounted to Php 278.3 billion for the first three quarters of 2015, which is 27 percent lower due to the lower oil prices.

Its operating income, however, doubled to Php 13.7 billion for 2015 from Php 7.1 billion year-on-year.

The company’s combined sales volume for Philippines and Malaysia also increased by 14 percent, totalling 73.6 million barrels than 64.6 million in 2014.

For its sales in the Philippines, total sales volume hiked by 22 percent to 46.6 million barrels than 2014’s 38.3 million barrels.

Petron also said its LPG sales had grown by 21 percent.

For its Malaysia operations, industrial sales increased by 26 percent and the lubricants hiked by 8 percent.

Petron president and chief executive officer Ramon Ang said the company is “on track to deliver stronger results in 2015 amid a challenging business environment.”

He also said the company’s investments in refining and retail business gave them an edge in the competition. (PNA)