By Danessa O. Rivera (The
Philippine Star) | Updated October 28, 2015 - 12:00am
MANILA, Philippines - Petron Corp.,
the country’s largest oil refiner, grew its net income by over half in the
first nine months, helped by stabilizing oil prices and a surge in sales
volume.
The listed oil firm’s consolidated
profit reached P5.1 billion from January to September, up 58 percent year
on year.
Revenues, however, dipped by 27
percent to P278.3 billion due to lower oil prices.
Operating income, meanwhile, nearly
doubled to P13.7 billion from P7.1 billion due to higher sales volumes in the
Philippines and Malaysia which grew by 14 percent to 73.6 million barrels.
Locally, sales volume went up by 22
percent to 46.6 million barrels on the back of new outlet openings. This
was supported by its $2 billion refinery master plan 2, which is on track
for full commercial operation by early 2016.
Petron said utilization rate of the
refinery has reached 95 percent.
Sales of liquified petroleum gas
grew by 21 percent as its Petron Gasul brand remains the most preferred in the
market.
Petron Malaysia, on the other hand,
booked a 26 percent growth in industrial sales.
“We are definitely on track to
deliver stronger results in 2015 amid a challenging business environment. Key
investments specifically in our refining and retail businesses have given us an
edge over our competition,” Petron president and CEO Ramon S. Ang said in a
statement.
Petron has started locally
producing a full range of premium fuels that meet the Euro 4 global standard.
It rolled out Euro 4 gasoline variants last June and Euro 4 diesel early this
month.
Petron Malaysia also started
to produce Euro 4 gasoline (Blaze 97) in September.
“The
roll-out of more efficient and environment-friendly fuels in the region affirms
our commitment to introduce fuels relevant to consumers while reducing our
environmental footprint,” Ang said.
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