Philippines: Petron’s profit up 55% amid falling fuel prices
The Philippines’ largest oil company Petron Corporation managed to grow its first half net income to 5.3 billion pesos (approximately $114 million) amid the continued decline in world oil prices, reports the Philippine Daily Inquirer.
Petron saw an increase in sales volumes by 9 percent both in Malaysia and the Philippines after selling 51.8 million barrels in the first six months of 2016.
In the Philippines, where the oil company is the retail leader with 2,230 petrol stations, it posted an 18 percent increase in lubricant sales and 12 percent in LPG sales. Its industrial sales were also up by 14 percent.
Petron’s strong performance, as disclosed to the Philippine Stock Exchange, “could be attributed to an aggressive network expansion, improved production and cost efficiencies and a deeper focus on customer programs.”
