Petron Corp. posted a consolidated net income of P5.8 billion in the first quarter, higher by 4% compared with the level a year ago and the highest quarterly income in its history, the company said on Tuesday.
Consolidated revenues reached P129 billion, up 21% from the previous year’s P106 billion.
“Our financial and operating performance in the first quarter of 2018 is a strong indication that we are on track for another unprecedented year. While we are focused on high-margin segments such as retail, we are also fast-tracking our logistics projects to further integrate our value chain, reflecting increased demand for Petron’s superior products,” said Ramon S. Ang, Petron president and chief executive officer. — Victor V. Saulon