Petron Corp. said Tuesday it ended the first nine months with a consolidated net income of P4.99 billion, a reversal of the P12.6-billion net loss it incurred in the same period last year amid the continuing increase in world oil prices.
“Despite external challenges, sustaining the financial resilience of the company has helped ensure that we have the means and the capacity to continue growing the business while providing our investors with the best returns. These include strategic investments in our service station expansion, refinery enhancements, and supply chain management. We are looking forward to ending 2021 in a much stronger and stable position than last year,” said Petron president and chief executive Ramon Ang said in a statement.
Petron said it continued to show recovery amid the pandemic as its volume and revenues remained on the uptrend in the second and third quarters despite the re-imposition of mobility restrictions.
Consolidated revenues from its Philippine and Malaysian operations rose 35 percent to P291.57 billion from P216.43 billion a year ago as international oil prices continued to rally with Dubai crude breaching the $75 per barrel-mark in the third quarter.
