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Wednesday, November 22, 2017

Petron posts P11.8-B consolidated income

Up 58% in first 9 months

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By Myrna M. Velasco

As it inches up on its mark as a significant oil industry player in the Asia Pacific region, leading Philippine oil firm Petron Corporation has also been impact fully building up its bottom line having logged consolidated net income of P11.8 billion in this year’s January-September stretch, 58 percent higher than the year-ago financial outcome of P7.4 billion.

Within the nine-month span, the oil firm’s consolidated revenues also climbed 27 percent to P313.5 billion from P247.8 billion the previous year; while operating income had expanded 31 percent to P22.1 billion vis-à-vis the 2016 level of P16.8 billion.

The company said “the impressive result was driven by continued focus on high-value segments and sustained sales volumes from its Philippine and Malaysian operations.”

Petron Chairman Eduardo M. Cojuangco Jr. asserted that the company “will definitely have another year as we reap the benefits of our strategic programs,” further emphasizing that “these have given us more diverse income streams and improved profitability.

As indicated, sales in both core markets of Philippines and Malaysia reached 80.2 million barrels in the three quarters, inching up just slightly from 79.3 percent in the same review period in 2016.

The oil firm similarly qualified that volume growth sales-wise, could have gone higher if not for the scheduled maintenance shutdown of its refinery this year.

On specified duration, the company’s refining facility in Limay, Bataan had been “running on maintenance mode below optimum capacity for 35 days in the second quarter and 18 days in the third quarter.”

Malaysian market operations, on the other, had also been relatively brisk with volume growth of 9.0 percent in the nine-month period.

Petron similarly noted that despite “kill-the-competitor mode” of industry rivalry in the retail segment, its sales had still been considerably substantial on this sphere with volume growth of 8.0 percent.

The company noted that this had been buoyed by its “continuing network expansion in both markets (Malaysia and the Philippines) coupled with innovative loyalty programs.

For lubricants, the oil firm logged invigorating sales growth of 15 percent, with it vouching that its high-performance engine oils remained top choice among motorists.”

Its gasoline product sales had likewise been heftier by 15 percent; Jet A-1 fuel had similar double digit sales volume hike of 11 percent; while petrochemicals had 24 percent rise.

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