ASEAN KEY DESTINATIONS
Petron says H1 net income up 56%
Petron Corp. posted a net income of P8.2 billion in the first half of 2017, up 56 percent from P5.3 billion a year earlier.
In a disclosure to the Philippine Stock Exchange, Petron said its performance was driven by a deliberate focus on more profitable segments, improved refinery production yields, and sustaining sales volumes from a record-breaking 2016.
Petron registered positive earnings despite crude oil inventory losses and a 45-day scheduled maintenance shutdown of its refinery in line with a 10-year inspection program.
“With our upgraded refining capabilities, we derived more value and produced more profitable products. This is strongly complemented by our extensive expansion efforts in both our logistics and retail businesses,” Petron president and CEO Ramon Ang said.
Sales revenue stood at P207 billion, up 28 percent from P161.9 billion.
Total sales volumes for both Malaysia and the Philippines reached 52.9 million barrels, slightly up from 52.6 million barrels.
Operating income reached P14.6 billion, up 27 percent from P11.5 billion.
“With the country’s economy growing at a rapid pace, we are expanding our facilities not just for the needs of today but also to ensure a reliable and continuous supply of quality fuels for tomorrow," Ang said.
"Our expansion projects mean more employment opportunities and economic activity, which help in nation-building,” he added. -- Ted Cordero/VDS, GMA News
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