Petron Corp. posted a 5.5 percent drop in net income in the first quarter of the year to only P3.4 billion from P3.6 billion in the same period last year due to increases in financing cost.
Consolidated revenues hit P188.8 billion, 10 percent more than only P172.3 billion in the same period last year after on the back of higher fuel demand.
The company sold 28.6 million barrels of fuel in the first three months, up 11 percent from last year’s 25.7 million barrels.
“It’s a promising start to the new year. The consistent rise in fuel demand and better industry conditions, combined with our efficiency and volume-generating measures contributed to our results in the first quarter. Despite external challenges, we remain confident in our ability to navigate the highs and lows of this industry as we work on achieving a full financial recovery this year,” said Ramon Ang, Petron president and chief executive officer.
He said Petron is also strengthening its sustainability programs with a number of big projects already in the pipeline, including the construction of a coco-methyl ester plant in its refinery in Bataan. The chemical is derived from coconut oil and mixed with fuel to help combustion engines run more efficiently.
Petron also bared ongoing efforts boosting the efficiency and sustainability of its service stations to help reduce the company’s environmental footprint.
