OIL firm Petron Corp. on Friday said that consolidated net income for the first three quarters of the year surged 58 percent, boosted by the continued strong performance of its operations in the Philippines and Malaysia.
In a statement issued on Friday, the company said consolidated net income hit P11.8 billion versus the P7.4 billion recorded in 2016.
Petron said combined sales volume in the two countries during the period reached 80.2 million barrels compared to the 79.3 million barrels sold a year ago.
It the retail segment, Petron said consolidated volumes grew 8 percent driven by network expansion in both countries and loyalty programs.
Petrochemical sales increased 24 percent following the company’s move to commission its upgraded refinery in Bataan in 2016, “significantly increasing its fuel production, as well as petrochemicals to fuel the country’s economic growth,” the company said.
Consolidated sales revenue in the period jumped 27 percent to P313.5 billion from P247.8 billion in 2016. Operating income was up 31 percent at P22.1 billion.
“We will definitely have another banner year as we reap the benefits of our strategic programs. These have given us more diverse income streams and improved profitability,” Petron Chairman Eduardo M. Cojuangco, Jr. said.
“Petron is studying the next phase of its refinery upgrade and expansion aimed at increasing production of high-margin fuels and petrochemicals. The company is also expanding its logistics and retail network in both countries,” it said.