Petron net income up 56 pct to P8.2B in first half

ABS-CBN News

Posted at Aug 08 2017 03:03 PM

MANILA - Petron Corp said Tuesday net income in the first half rose 56 percent, citing improved refiner yields and sustained sales.

Consolidated net income in the January to June period grew to P8.2 billion from P5.3 billion during the same 6-month period in 2016, the company said in a statement.

Petron shares were up 0.10 percent to P9.63 after the first half earnings were announced. It did not provide 2nd quarter data.

Net income increased notwithstanding crude oil inventory losses and a 45-day maintenance shutdown of its refinery, Petron said.

"With our upgraded refining capabilities, we derived more value and produced more profitable products. This is strongly complemented by our extensive expansion efforts in both our logistics and retail businesses," Petron President and CEO Ramon Ang said. 

Consolidated sales revenues rose 28 percent to P207 billion from P161.9 billion in the first half. Operating income climbed 27 percent to P14.6 billion from P11.5 billion.