• Petroleum firm eyes record 2014 income

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    JETTI Petroleum Inc., an independent oil player, is eyeing another record income next year, as it draws nearer to an all-time high profit of P92.5 million by the end of this year.

    In a briefing held on Tuesday, a company official said the company’s net income after tax reached P91.1 million in January to September 2013, and is expected to settle to a full-year level of P92.5 million.

    Also, Jetti Petroleum estimates full-year sales to reach P12.98 billion by yearend, up by 24 percent from the P10.46 billion it generated last year. The projection was made after the company achieved interim sales of P9.89 billion for the period of January to September 2013.

    Leo Bellas, Jetti corporate affairs manager, said that this was driven by the company’s continued expansion program and improvement in terms of oil prices. The sales growth is also attributable to 15 new Jetti stations that opened this year.

    Because of this, the company is looking at around a P135-million income target for next year. Once reached, it will be the first time that the company’s profit will reach the P100-million level.

    This, according to Bellas, will be backed by the same drivers as well as the introduction of new products and opening of its P1-billion oil depot in Bataan early next year.

    “We’re projecting the depot by July 2014,” Bellas said, adding that the company plans to grow the numbers by three in the next five years.

    “The Bataan terminal will play a big role in Jetti’s efforts to respond to the growing demand for high quality petroleum products, particularly in the north. We will use our enhanced capacity to continue providing the Filipino people reasonably priced fuels,” he added.

    Jetti Petroleum will end the year with 112 stations, 46 of which are in Luzon, 24 in Visayas and 42 in Mindanao. Next year, the firm will add 10 more stations in Northern Luzon.

    Madelaine B. Miraflor

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