Strong sales volume fueled net income of the country’s largest oil company, Petron Corp., in the nine months through September to P9.5 billion, up 16 percent from the year-earlier period.
Domestic sales volume rose 20 percent to 42.7 million, offsetting a 6.9 percent decline in oil prices that sent consolidated revenue of San Miguel Corp.’s oil subsidiary to P587.3 million. The average price of the benchmark Dubai oil was down 18 percent at $82 a barrel.
Petron, which is listed on the Philippine Stock Exchange, also has operations in Malaysia. Combined retail sales volume in the Philippines and Malaysia rose 8 percent, helped by strong demand for gasoline and diesel. New and renewed sales agreements with airlines boosted commercial sales by 12 percent.
Operating income in the January-September period surged 64 percent to P27 billion, allowing Petron to absorb more than half of the increase in financing cost and lifting profit despite weaker revenue.
“We are seeing consistent growth in all areas of our business,” said Petron president and chief executive officer Ramon Ang. “Our wide reach, superior product quality, and reliable service have allowed us to sustain our good performance throughout the year, and maintain or even strengthen our market share in high-demand sectors,” he added.
