Latest Stories

Petron net profit slumps

Malaysian operations contributed P155M


Petron Corp., the country’s biggest oil refiner and retailer, registered an 88-percent drop in its consolidated net income to P932 million in the first nine months of 2012 from the P7.6 billion it posted in the same period last year.

The oil company explained that it continued to experience depressed margins because of the volatility in global oil markets in the second and third quarters of 2012. The Malaysian operation contributed only P155 million in consolidated net income for the January-to-September period, Petron said in a disclosure to the Philippine Stock Exchange on Monday.

In the third quarter alone, Petron posted a modest net income of P500 million, a turnaround from the P2.1-billion net loss it incurred for its consolidated operations in the second quarter this year.

In terms of revenue, however, Petron managed to post a 52-percent jump to P307.3 billion. Local fuel sales and exports grew by 4 percent to 35.6 million barrels, contributing P212.4 billion to the total revenue. The consolidation of Petron Malaysia beginning the second quarter likewise added 17.6 million barrels in volumes and revenues valued at P94.9 billion.

The increases in the volume of fuel products sold was attributed to Petron’s massive retail expansion program, which marked a milestone during the third quarter this year when the company’s service station network breached the 2,000 mark.

Overall, Petron said it has fortified its leadership position with 39 percent of the total market as of end-July this year.

In the case of its Malaysian operations, the company’s priority continued to be the rebranding of Esso and Mobil service stations into the Petron brand. The company aims to rebrand 550 service stations over the next few years. The new stations feature improved facilities and personalized services.

“Despite the challenging market conditions, we remained focused and followed through with our strategic initiatives that will ensure the long-term growth and profitability of Petron. Soon, we will start to see the benefits of these programs, which will not only be felt by the company but the country as well,” explained Petron chairman and CEO Ramon S. Ang.

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 , Earnings , net income , oil and gas , oil firm , Petron Corp.

  • http://profile.yahoo.com/P4FQI72O4NYQ5KMONBZKAGKIU4 Cecilia

    It is simply juggling its profits and interests with its other businesses, as it is characteristic of SMC.

    • upupperclassman

      If it is as you said, I wonder if Ramon Ang really knows what he is doing- diversifying SMC.

  • upupperclassman

    When a company posted 52% increase in sales and 88% drop in profit, it must be in serious trouble. Without the sales increase, it will be losing money. This is very unusual for an oil company that increases price instantly and takes a long time to reduce price relative to market fluctuation.

  • http://twitter.com/alfs_alfs Pons Corpuz

    That’s the way the cookie crumbles

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


  • How other faiths observe Holy Week
  • No noise, partying in Boracay on Good Friday
  • More legal woes for Cedric Lee
  • NATO ups military presence amid Russian threat
  • DOH issues official statement on confirmed case of MERS-CoV
  • Sports

  • Tenacious Iran frustrates Qatar to retain Asian Club volleyball crown
  • Floyd Mayweather is ESPN’s top-paid athlete
  • Pistorius trial: Judge sets 2-week adjournment
  • China, Taiwan rout foes for 3rd, 5th places in Asian Club volleyball
  • Ginebra’s new import Freeman arrives, makes PBA return vs ROS
  • Lifestyle

  • Are your favorite malls open this Holy Week break?
  • Celebrate Easter Sunday at Buddha-Bar Manila
  • Moriones feast: A slow, steady transformation
  • Weaving ‘palaspas’ a tradition kept alive in Tayabas City
  • Finalists announced for best translated books
  • Entertainment

  • Filipino rock icons to hold silent concert
  • Mommy Dionisia Pacquiao’s greatest hits
  • Deniece Cornejo posts bail—report
  • Miley Cyrus hospitalized, cancels US concert
  • Otaku Summer Jam 2014: Summer’s hottest J-rock/Cosplay event
  • Business

  • Russian economy hit by Ukraine turmoil
  • PSEi firms up ahead of Lenten break
  • I-Remit teams up with Lakhoo for remittances from Oman
  • Megawide nets P1.4 B in 2013
  • Longer TRO sought on rate hike
  • Technology

  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Another reason to quit social media this Holy Week: your safety
  • Opinion

  • We may never know
  • Couple of things
  • Mommy D’s magic
  • Stop bizarre and bloody Good Friday rituals
  • Holy Week taboos
  • Global Nation

  • Netizens welcome Japan’s visa-free travel plan
  • Visa-free travel by Filipinos to Japan still a proposal
  • Visa-free travel to Japan could boost tourism
  • 2 PCG men ordered arrested over Balintang Channel shooting
  • US Embassy closed on Holy Thursday, Good Friday
  • Marketplace