PETRON Corp. on Tuesday reported a 6-percent drop in net income in the first half of this year to P6 billion from P6.14 billion in the same period last year.
The country’s lone refiner cited “challenging economic conditions” during the period and “the softening of refining cracks,” which fell by 17 percent from last year’s level.
“Our prudent and strategic approach continues to pay off amid challenging economic conditions. Moreover, we were able to retain our edge in vital sectors and enjoy the trust of more and more customers,” Petron President Ramon S. Ang was quoted in a statement as saying. “Our focus remains on strengthening the quality of our products and services while creating excellent value for our stakeholders.”
The company also reported strong volumes both in its core markets in the Philippines and Malaysia. It sold 69.1 million barrels in the first six months, up 20 percent from the 57.6 million barrels sold in the same period last year. The solid outcome is fueled by the sustained performance of key segments, particularly retail and exports.
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