Petron profit swells 10-fold in Q1

MANILA, Philippines - Net earnings of oil refiner giant Petron Corp. swelled 10-fold in the first quarter of 2016 due to higher sales volume in its overall operations.

Petron said its consolidated net income in the first three months of 2016 amounted to P2.8 billion, more than 10 times the P257-million profit over the same period last year.

The company attributed the strong performance to higher sales from both its local and regional operations.

“We are now experiencing the full benefits of our strategic programs and we are gaining momentum as we reach new levels of growth and profitability,” Petron president Ramon Ang said.

Consolidated sales volumes hit 25.3 million barrels, up nine percent from 23.2 million, contributed by all of its major business segments in both the Philippines and Malaysia.

Locally, Petron said total sales under reseller, industrial, LPG trades and lubricants expanded by eight percent.

In Malaysia, it cornered more industrial customers, posting a 17-percent growth in this segment.

Meanwhile, service station volumes also improved owed to upgrading and network expansion programs.

Petron, however, noted the increase in sales volumes partially offset the drop in oil prices, which led to lower sales revenues.