Petron Corp. on Tuesday reported a lower consolidated net income of P2.3 billion in 2019, down 67 percent from P7.1 billion in 2018, on weak refining margins and lower revenues resulting from the refinery shutdown.
Petron said in a statement consolidated revenues declined to P514.4 billion for full year 2019, down 8 percent from a year ago.
“Despite the challenging business environment, we still pursued our strategic goals to sustain our leadership and deliver long-term growth for our company. Moving forward, we intend to keep our focus on further expanding our reach, strengthening our services and product offerings, and increasing our operational efficiency to better secure our position for the future,” said Petron president and chief executive officer Ramon Ang.
The company’s sales volume was slightly lower at 107 million barrels from the previous year’s 108.5 million barrels due to the five-percent decline in Philippine volumes.
