Petron Corp. reported a 28 percent fall in first-half net income to P3.8 billion from P5.3 billion a year earlier, the company said Tuesday. The decline was mainly due to Middle East tensions pushing crude, import and freight costs higher. Dubai crude averaged $91 a barrel, up 27 percent year-on-year.
Revenues rose 57 percent to P605.9 billion on higher prices and a 6 percent sales volume gain to 67.9 million barrels, driven by its Singapore unit. Higher product and operating costs squeezed margins, with operating income down 17 percent to P12.6 billion.
Petron said limited refining has resumed in Malaysia while a new jetty is set for early 2027 launch. Its Bataan biodiesel plant and storage expansion projects are progressing, and it holds a 27.8 percent Philippine market share.
