OIL refining and marketing company Petron Corp. reported a consolidated net income of P8.2 billion in the first six months of the year, up 56 percent from P5.3 billion in 2016, despite crude oil inventory losses and a 45-day scheduled maintenance refinery shutdown.
Consolidated sales revenues reached P207 billion in the same period, up 28 percent from P161.9 billion in the previous year.
Operating income touched P14.6 billion, a 27 percent improvement from P11.5 billion a year ago.
Petron said total sales volumes for Malaysia and the Philippines reached 52.9 million barrels from 52.6 million in the preceding year.
Petrochemical sales surged 78 percent over the same period last year.
The company attributed its strong performance to its deliberate focus on more profitable segments and improved refinery production yields and record-breaking sales volumes last year.
“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 Chief Executive Officer Ramon Ang said.
Ang added Petron is still confident about its prospects for the year on the country’s robust economic performance.
“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.
Petron, which has dozens of service stations in different stages of development in both the Philippines and Malaysia, has a combined retail network of nearly 2,900 service stations, with more than a fifth of them located in Malaysia.