Despite robust outcome at its top line, the consolidated net income of leading oil player Petron Corporation posted a slight downturn in the first half to P6 billion from last year’s P6.14 billion in the same period.

On the company’s operating income, this logged more favorable result with 8.0 percent increase to P17.3 billion from the year-ago level of P16 billion.

As sales had been on escalated pace in the first six months both at domestic base and its offshore market in Malaysia, Petron similarly reported substantial hike of 21 percent in its revenues to P444.5 billion from P367 billion in the same period last year.

“Petron’s sales volumes in the Philippines rose 27 percent to 44.4 million barrels, while volumes from its Malaysian operations grew by nine percent to 24.7 million barrels,” the company noted.

On consolidated basis, the aggregated volume sales for both Malaysia and the Philippines went up 20 percent to 69.1 million barrels versus last year’s 57.6 million barrels.

According to Petron President and CEO Ramon S. Ang, “our  prudent and strategic approach continues to pay off amid challenging economic conditions.”

He qualified that in spite of recent uncertainties perturbing oil markets globally, “we were able to retain our edge in vital sectors and enjoy the trust of more and more customers.”

In the retail segment of the market, Petron registered 10 percent rise in sales, indicating that this “remained a key driver of the stellar volume performance through effective marketing programs in the company’s combined service station network of about 2,600 outlets in the Philippines and Malaysia."

Moreover, volume uptake by its industrial accounts had grown nine percent; and that had been precipitated mainly by higher demand of jet fuel as well as liquefied petroleum gas.

“The solid outcome is fueled by the sustained performance of key segments, particularly retail and exports,” the oil firm stressed.

Nevertheless, Petron highlighted that global oil prices have remained volatile - primarily due to the escalating tension in the Middle East; and that somehow impacted its bottom line overall.

“With the company’s solid volume growth, overall margins improved despite the softening of refining cracks, falling by 17 percent from last year’s level,” Petron said.

The company emphasized that the per-barrel price of Dubai crude increased five percent to $83 per barrel on average within January to June this year.

Onward to this year’s second half, Ang asserted  that the company’s continued focus will be on “strengthening the quality of our products and services while creating excellent value for our stakeholders.”