MANILA - Petron Corporation posted a net income of P4.99 billion in the January to September period, reversing the P12.6 billion net loss it incurred in the same period last year.
The company said that despite the lockdowns and mobility restrictions in the second and third quarters, its volume and revenues remained on the uptrend.
“As international oil prices continued to rally with Dubai crude breaching the $75 per barrel-mark in the third quarter, Petron’s consolidated revenues from its Philippine and Malaysian
operations rose 35 percent to P291.57 billion from P216.43 billion a year ago,” the oil company said.
Petron president and CEO Ramon Ang said the company’s strategic investments helped Petron be more financially resilient despite external challenges.
“We are looking forward to ending 2021 in a much stronger and stable position than last year,” said Ang.
Petron listed P18 billion in fixed-rate, peso-denominated bonds last month, to refinance the company’s existing debts, and fund the construction of a new power plant in Bataan set to be completed and operational next year.
Ang recently said that he was willing to sell Petron back to the government for a “fair price” if this would help cushion the impact of rising fuel prices.
He warned though that Petron lost P18 billion in 2020 as the pandemic weighed down fuel demand.