Petron earnings up by 16% in first half

Petron Corp. net income rose in the first half as sales volumes in its local and Malaysian markets were sustained while prices of petroleum products during the period came out higher.
In a disclosure to the stock exchange on Tuesday, Aug. 7, Petron said its net income rose by 16% to P9.5 billion in the first half from P8.2 billion a year ago.
Consolidated revenues rose 32% in the first half to P273.5 billion from P207 billion in the same period last year “driven by sustained sales volumes of its Philippine and Malaysian operations and higher prices of crude oil and finished products.”
It said consolidated sales volumes expanded to 54.4 million barrels. Benchmark Dubai crude oil in the first semester averaged $68 per barrel, 32% higher compared with the level in the same period last year.
“We intend to fortify our leadership position as we ride on the continued economic growth of the Philippine and Malaysian markets. We continue to integrate our value chain, build up our supply and logistics capabilities, and roll-out more service stations than our competitors,” Petron President and Chief Executive Officer Ramon S. Ang said in a statement. — Victor V. Saulon