Quantcast
Latest Stories

Petron net surges by 501%

By

Petron Corp. posted P1.1 billion in net profit for the first half of 2013, up by 501 percent from P183 million in the same period in 2012.

In a disclosure to the Philippine Stock Exchange, Petron reported a first-semester revenue of P218.8 billion, up by 13 percent from year-ago level.

The country’s leading oil refining and marketing firm said its sales volume rose by 22 percent to 39.8 million barrels of petroleum for the period from 32.5 million barrels in 2012. Petron attributed this to the full consolidation of its Malaysian operations and the stronger performance of key domestic segments.

A sudden drop in commodity prices in April and May made the second quarter of 2013 “challenging,” Petron said. Similar to other downstream oil companies in the region, Petron said it had experienced drop in margins following the hefty decline in Dubai crude prices to an average of $101 per barrel in the second quarter from $108 in the first quarter.

Petron said it had consistently delivered volumes “despite aggressive competition” through the expansion of its retail network. The company now has 2,100 service stations, larger than the networks of its two major competitors combined. Petron remained the No. 1 oil company in the Philippines with a 38-percent share of the market as of March 2013.

“Even as the short-term business outlook for the oil industry remains volatile, Petron focused on completing major projects aimed at boosting profitability over the long-term,” Petron chairperson and CEO Ramon S. Ang said.

The company said it was close to completing its biggest investment in its 80-year history – the $2 billion Refinery Masterplan Phase 2 (RMP-2) at its 180,000 barrel-per-day Bataan refinery.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , Petron Corp. , profitability

  • mamerto

    Anyone could make so much…, if “that one” could
    raise prices of “prime-commodities” at their leisure.

    Not much difference with those “carpet-baggers” &/or
    “war-profiteers” of recent and older pasts.

  • lanceads

    Other way of looking at it. consumption went up.

    • eight_log

      Wow … that translates to 501% increase in consumption … it could be that spillage and oil leaks and ang mga pinaihi ay isinama sa consumption dahil nga naman sinama sa pricing ng oil!!!

  • eight_log

    Dapat ipakain sa mga taga DOE ang newspaper!!! 501% … wow …. HINDI BA NAHIHIYA ANG TAGA DOE NYAN … YUNG NIREREGULATE NILA AY KUIMITA NG 501% IKUMPARA SA NAKARAAN????? THIS ONLY SHOWS NA ANG DOE ANG NAREREGULATE NG MGA OIL FIRMS!!!!!

    MAGKANO???????????????????????

  • Batang 80′s

    Yan ba ang nalulugi? Leche Flan!

  • http://pinayshopper.blogspot.com/ PinayShopper2010

    dahil ba panay ang taas nyo sa presyo kaya lumaki ang profit margin nyo?

  • danmbuen

    wow daming kita! huwag na muna sana tumaas petron gasul! =)



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Pro-Russian insurgents hold journalist hostage
  • UN heads say Syria aid needs ‘largely unanswered’
  • Captain who left doomed ferry had 40 years at sea
  • UK woman held for murder after children’s bodies found
  • Washington calls S. Sudan violence an ‘abomination’
  • Sports

  • UP nips St. Benilde; Adamson blasts RTU in Filoil women’s caging
  • Kevin Garnett responds to Raptors’ GM F word
  • Albert Pujols hits 500th HR of major league career
  • UST posts twin kill in Filoil pre-season cup opening day
  • Wizards beat Bulls in OT to take 2-0 series lead
  • Lifestyle

  • Entering the monkhood a rite of passage
  • Haneda International Airport: A destination on its own
  • Wanted: Beauty queen with a heart that beats for the environment
  • Kim Atienza: At home with art and design
  • Life lessons I want to teach my son
  • Entertainment

  • Ex-Fox exec denies allegations in sex abuse suit
  • Kris Aquino backtracks, says Herbert Bautista and her are ‘best friends’
  • Summer preview: Chris Pratt enters a new ‘Galaxy’
  • Bon Jovi helps open low-income housing in US
  • Summer movie preview: Bay reboots ‘Transformers’
  • Business

  • Toyota sells 2.58 million vehicles, outselling GM
  • McDonald’s 1Q profit slips as US sales decline
  • SEC approves SM’s P15B retail bond offer
  • $103M Vista Land bonds tendered for redemption
  • Oil slips to $102 as US crude supplies seen rising
  • Technology

  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Brazil passes trailblazing Internet privacy law
  • New York police Twitter campaign backfires badly
  • Opinion

  • One-dimensional diplomacy: A cost-benefit analysis of Manila’s security deal with Washington
  • No ordinary illness
  • Reforest mountains with fire trees and their kind
  • Day of the Earth
  • When will Chinese firm deliver new coaches?
  • Global Nation

  • Palace thanks Estrada for successful HK mission
  • Hong Kong accepts PH apology; sanctions also lifted
  • China won’t budge, wants PH gov’t to apologize to HK
  • Cha cha train to follow Obama visit?
  • No word yet on inking of US-PH defense pact during Obama visit
  • Marketplace