TT Philippines Corp. (PTTPC), the local subsidiary of Thailand’s petroleum giant PTT Plc, said its revenues in the first half of the year rose 10 percent from a year ago.
PTT Philippines president and chief executive officer Sukanya Seriyothin however admitted that the increase is quite lower compared to that of last year.
Seriyothin did not disclose the actual amount of the company’s revenue.
She attributed the slower growth in revenue to the continued fluctuation in the prices of petroleum products.
“Our revenue has increased by 10 percent for the first half of the year, although this is lower as compared to the previous year,” she told reporters at a forum.
But she added that the slower growth is being offset by volume sales which increased by 30 percent.
“We are not quite affected by the continued fluctuation in oil prices because this is being offset by the volume sales which increased by 30 percent,” she added.
Meanwhile, she said PTT is now focusing its expansion efforts in the Visayas and Mindanao.
Seriyothin said they are targeting to put up an additional 215 service stations especially in the Visayas and Mindanao.
“From 85, we are planning to increase our retail service stations to 300. We will be spending a billion [pesos]for the expansion,” she said.
Currently, PTT has 74 service stations in Luzon and 11 in the Visayas.