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Sunday, June 23, 2024

Petron’s income dropped 20% to P6.14b in first half

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Petron Corp. said Tuesday net income fell 20 percent in the first half of 2023 to P6.14 billion from P7.7 billion in the same period last year on rising financing costs due to successive interest rate hikes.

Consolidated sales volume reached 57.61 million barrels in the first half, up 12 percent from 51.41 million barrels sold a year ago.

Petron’s sales volume from Philippine operations jumped 16 percent to 34.93 million barrels on the back of the country’s strong demand recovery. It said consistent increases were recorded across various business segments, signifying the company’s steady post-pandemic transition.

Combined sales volume from commercial business increased 13 percent in the first half, while total retail sales from the Philippines and Malaysia improved 8 percent year-on-year.

The oil price correction, which began in the second semester of last year following the record-high price surge in the second quarter due to the war in Ukraine, persisted in the first half of 2023. Alena Mae S. Flores

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