Petron Corp. saw signs of recovery in the third quarter this year even as its consolidated net loss on account of the pandemic reached P12.6 billion in the nine months ending Sept. 30, a reversal from the net income in the same period last year of P3.6 billion.
The Philippines’ sole remaining crude oil refiner said in a statement it saw a modest recovery, returning to profit in the July-September quarter with a consolidated net income of P1.63 billion, an improvement over the P1 billion recorded last year.
The bottom line was buoyed mainly by retailing margins while continually thin refining margins bogged down Petron’s refining business.
“While the oil industry continues to face major challenges, we are beginning to see signs of recovery thanks to our government’s decision to gradually and safely restart the economy,” Petron president and chief executive Ramon S. Ang said.
“Aside from retail, we can also expect the reopening of local tourism to influence higher demand for aviation fuel, which really took a hit because of the pandemic,” Ang said. “We’ve also seen some improvements in Malaysia with a notable upturn in our domestic volume to almost prepandemic levels.”
Petron’s consolidated retail sales volume in the third quarter surged 49 percent compared to second-quarter volume as economic activities picked up in the Philippines as well as Malaysia, with both governments relaxing lockdown measures.