MANILA — Petron Corp said on Wednesday it posted a P3.4 billion net income in the first quarter, slightly lower than the P3.6 billion in the same period last year partly due to higher financing costs.

Consolidated revenues reached P188.8 billion for the quarter, up 10 percent, Petron said in a disclosure to the stock exchange.

Operating income hit P8.4 billion, it added.

"It's still 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," Petron President and CEO Ramon Ang said.

"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," he added.

For the first 3 months, the company said it sold 28.6 million barrels of fuel, higher by 11 percent.

Petron said it is also strengthening its sustainability program with a number of projects including its own coco-methyl ester (CME) plant in its Petron Bataan Refinery Complex.

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