Petron expects to end 2008 with at least P1.5-B losses
abs-cbnNEWS.com | 12/08/2008 7:06 PM
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Petron Corp., the country's largest oil refiner and retailer said on Monday that it expects a full year net loss ranging between P1.5 and P2 billion as the drastic drop in international crude oil prices hit its bottomline.
"The company's margins have significantly contracted as domestic prices of refined products fell much faster than its crude costs. The net loss may even be bigger if crude oil prices continue to fall steeply," Petron said in a statement.
Falling oil prices coupled with its inability to reflect higher acquisition costs to pump prices, have hurt most oil refiners.
Petron, however, projects a recovery in 2009 as crude oil prices are expected to be more stable and the oil firm will be in a better position to manage its margins.
