PETRON CORP. on Tuesday said it posted a consolidated net income of P5.8 billion in the first quarter, up 4% year on year and the highest quarterly income in its history.
Consolidated revenues reached P129 billion, up 21% from the previous year’s P106 billion, as the “stable and improved operating efficiencies at its Bataan refinery significantly contributed to its positive performance.”
“Our financial and operating performance in the first quarter of 2018 is a strong indication that we are on track for another unprecedented year,” said Ramon S. Ang, Petron president and chief executive officer, in a statement.
“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,” he added.
Petron said despite higher international oil prices and softer demand, it was able to sustain strong sales with combined volumes of 26.6 million barrels. The growth was driven by a 5% increase in consolidated domestic sales equivalent to over 1 million barrels.
“This is at par with last year’s volumes which reached all-time highs. The benchmark Dubai crude in the first quarter of this year surged by 20% to nearly $64/barrel compared to the same period in 2017,” the company said.
During the quarter, Petron’s 180,000 barrel-per-day Bataan refinery hit its highest ever utilization rate at 99% or near full capacity.
On Tuesday, shares in Petron rose 0.32% to close at P9.27 each. — Victor V. Saulon
