Petron Q1 income almost flat at P2.2-B

Posted at 05/06/14 1:44 PM

MANILA – Petron Corp. announced Tuesday that its consolidated income for the first quarter of the year was almost flat at P2.23 billion, slightly better than last year's P2.20 billion.

The oil firm said its revenues jumped 12 percent to P75.4 billion driven by a 2 percent growth in volumes and an improvement in the product sales mix.

Consolidated revenues with Petron Malaysia were also up 12 percent in the first quarter at P125.2 billion from last year's P112 billion.

Consolidated sales volumes grew by 4 percent to 20.7 million barrels from 20 million barrels while retail volumes for the Petron’s Philippine and Malaysian operations reached 10.6 million barrels, up 6 percent from 10 million barrels in 2013.

The firm said the growth can be attributed to improved network sales and its service station expansion program.

"We are excited about the company's prospects in the coming months with our ongoing upgrading and expansion projects. We are close to realizing our vision of a larger and stronger Petron especially with the completion of our biggest investment to date, the Refinery Master Plan-2 (RMP-2)," Petron chairman and chief executive Ramon Ang said in a statement.

The $2-billion RMP-2 will be in full commercial operation by 2015.

Petron has combined global network of over 2,700 stations.

In the Philippines, Petron has about 2,200 stations, with about 37 percent total market share.