March 18, 2013

Petron Net Income Down 73%

Petron Corp. reported 2012 net income of P2.3 billion, 73% lower than 2011's figure. This was due to a P2.1 billion loss in 2012 due to volatile crude oil and product prices.

Sales revenue, however increased by 55% to P424.8 billion due to increased domestic sales value (44.5 million barrels, +8%) as well as the consolidation of Petron Malaysia.

As of end 2012, Petron has over 2,000 service stations in the Philippines. The company estimates its market share of 39% in the oil refining and marketing industry.

“Despite the volatility in international oil markets, we continued to be on investment mode and forged ahead with our game-changing initiatives that will give Petron a decisive edge over its competitors in the long term,” Petron chairman and CEO Ramon S. Ang said.