Petron net income hits P2.3-B in 2019

Published March 10, 2020, 12:00 AM

by manilabulletin_admin

By Myrna M. Velasco

Leading oil firm Petron Corporation suffered another year of dismal financial performance having logged 67-percent downtrend in net income to P2.3 billion from the previous year’s P7.1 billion.

The Philippine operations, in particular, was in a net loss of P1.4 billion, which comparatively was a reversal from an income of P2.8 billion last year.

For its Malaysian operations, the company registered 3.0-percent growth and that somehow helped shore up financial outcome for its domestic operations.

In terms of revenues, the oil company posted 8.0-percent drop to P514.4 billion; while its sales volume had been slightly lower at 107 million barrels from the year-ago level of 108.5 million barrels. That was mainly attributed to the emergency shutdown of the company’s refinery last year.

Petron noted “despite the decrease in total sales, Petron continued to enjoy strong brand preference,” and its “market share held steady accounting for about a third of the country’s domestic demand.”

At the same time, the company remained market leader in the major segments of its business portfolios – mainly retail, industrial and liquefied petroleum gas.