Petron defies pandemic slump with P3.87 billion net income in first half

ABS-CBN News

Posted at Aug 04 2021 09:34 AM | Updated as of Aug 04 2021 12:16 PM

MANILA - Petron Corp on Wednesday said it posted a consolidated net income of P3.87 billion in the first half of the year driven by optimistic market sentiments and gradual reopening of the economy.

The total is a “remarkable rebound” from the P14.24 billion net loss it recorded in the same period last year, Petron told the stock exchange.

Petron said the consolidated revenues of its Philippine and Malaysian operations for the first 6 months rose 14 percent to P174.13 billion from P152.36 billion last year.

Overall sales volume is still 7 percent lower compared to the same period last year due to the impact of the COVID-19 pandemic. 

Oil prices steadily rose in the first semester with Dubai crude averaging $72 per barrel in June or 44 percent higher from its December level, it said. 

“Though we continue to face some challenges, we have seen tremendous progress this year. The increase in demand and continuous improvement in international prices indicate that we are slowly but surely regaining lost ground as an industry,” Petron president and CEO Ramon Ang said.

“Our financial performance in Petron, due in no small part to our recovery efforts and prudent use of resources, is proving to be a complete turnaround from last year which we hope to sustain as we continue to move past the pandemic slump,” he said.

Petron said its parent San Miguel Corp has started its COVID-19 vaccination program for its 70,000 employees and the extended workforce.

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