MANILA -- Petron Corporation on Tuesday said its net income reached P6.14 billion in the first of 2023, lower than the P7.7 billion it recorded in the same period last year.

In a statement, the oil giant said it sold 57.61 million barrels of fuels from January to June, up by 12 percent from the 51.41 million barrels in the same period in 2022.

In the Philippines, sales volume was at 34.93 million barrels, up by 16 percent year-on-year, amid strong demand recovery.

The company noted, however, that rising financing costs due to successive interest rate hikes affected their finances.

Petron said their consolidated revenues went down by 8 percent to P367.4 billion from last year's P398.52 billion, noting that the benchmark Dubai crude decreased by 22 percent from the same period in last year.

Petron president and chief executive officer Ramon Ang said the figures prove the company's ability to secure its cash flow and financial resilience among challenging market conditions.

Petron Corp said 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.

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