PTT Philippines Corp. has reported a 28 percent on-year increase in sales volume to 857 million l iters from January to October.
Danilo Alabado, PTT Philippines general manager, said sales revenues in the first 10 months reached P30 billion.
“The top line growth boosted PTT Philippines’ market share to 2.4 percent so far this year from 1.7 percent in 2013,” Alabado said.
He forecasts revenues for this year to hit P30.6 billion.
Alabado said they are expecting a slowdown in revenue growth because of the weakening prices of petroleum products.
“We will have to revisit our plans for next year because of the weakening oil prices,” Alabado told a press conference.
With the recent drop in oil prices, Alabado said PTT managed to avoid losses on the back of its expansion program.
“For this year, we put up eight more stations for a total of 74. Now we have 65 stations in Luzon and 9 in Cebu,” Alabado said.
As part of its expansion plans, PTT Philippines will put up an additional 15 retail outlets, according to Alabado.
He said the company is targeting Cebu province for its expansion activities.
“More local businessmen are talking to us so we are planning to strengthen our Cebu operations,” he added.
Korawat Sungmongkol, PTT Philippines operations and logistics director, said the firm is planning to boost its presence in the aviation, maritime, mining and other commercial sectors.
“We are still growing and we are determined to grow sustainably and continuously. We are very sure that we have a very good foundation,” he added.