Connect with us

Hi, what are you looking for?


Petron’s net income declines 5.6% to P3.4B on rising costs

PETRON Corp. registered a net income of P3.4 billion in the first quarter, down by 5.6% from P3.6 billion last year, due to the oil company’s higher expenses.

In a stock exchange disclosure, Petron recorded consolidated revenues of P188.8 billion, 9.6% higher than the P172.3 billion registered a year earlier, because of sustained fuel demand.

“It’s still a promising start to the new year,” Petron President and Chief Executive Officer Ramon S. Ang said in a statement on Wednesday.

For the January-to-March period, the company’s fuel demand and sold volumes were recorded at 28.6 million barrels, 11.3% higher than the 25.7 million barrels in the same period last year.

Commercial sales went up by 13% due to higher demand from the aviation sector, which pushed jet fuel sales to nearly double from last year.

Petron’s combined retail sales from the Philippines and Malaysia jumped by 12% on increased mobility.

“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,” Mr. Ang said.

The company said that despite the 16% decrease in crude prices for the first quarter, it managed to report an operating income of P8.4 billion, fueled by higher sales volume and strong regional refining margins.

Petron said that the increase in financing cost was partly tempered by the mark-to-market valuation of its commodity hedges.

Meanwhile, the company is strengthening its sustainability programs through several projects in the pipeline, including the construction of its coco-methyl ester (CME) plant in its Petron Bataan Refinery Complex.

It is also working on intensifying its efficiency and sustainability programs to reduce its environmental footprint.

“We’ve never been more proactive in our sustainability commitment. As the industry leader, lessening our resource utilization and impacts on the environment are fully integrated into our operations. And these projects not only contribute to this end, but they also make us a more resilient, sustainable, and socially responsible oil company,” Mr. Ang said.

At the local bourse on Wednesday, shares in the company fell by two centavos or 0.59% to end at P3.35 apiece. — Ashley Erika O. Jose

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



The rapid advancement of digital technologies has gained momentum to a degree that it transformed almost every aspect of modern life. From enhanced and...


Massive construction activities that are ongoing and upcoming across Eastern, Central, and Western Visayas are further driving demand in the region’s construction industry this...


Amidst the picturesque Dole pineapple plantation, SATNET powered by Kacific bridges the connectivity gap. Have you ever wondered how a leading, remote food processing...


US dollar banknotes are seen in this illustration taken July 17, 2022. — REUTERS By Keisha B. Ta-asan, Reporter PHILIPPINE DOLLAR reserves slipped at...


PHILIPPINE STAR/MICHAEL VARCAS By Luisa Maria Jacinta C. Jocson, Reporter THE PHILIPPINE ECONOMY is likely to grow by 6% this year amid strong domestic...


By Kyle Aristophere T. Atienza, Reporter ECONOMISTS are worried about the alleged failure of Philippine lawmakers to take into account the health of state-owned...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.