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Petron revenues up 13% to earns Php379.5 million in first nine months

Posted on November 8, 2014

By Juzel L. Danganan

MANILA, Nov. 8 (PNA) — Petron Corp. consolidated revenues reached Php379.5 billion in the first nine months this year, or 13 percent higher than the Php335.9 billion during the same period last year.

Petron, in a disclosure with the Philippine Stock Exchange (PSE), said that both its operations in the Philippines and Malaysia, brought in growth for the company, coming from all its major trades namely Retail, Industrial and Liquefied Petroleum Gas (LPG).

Petron’s combined sales volumes for the two countries soared by 7.3 percent, equivalent to 64.7 million barrels.

Also, its domestic sales volume in the Philippines grew by 6 percent, while Malaysia’s domestic sales volume scaled up by 5 percent.

Moreover, Petron’s market share in the country rose by 11 percent to 38.3 million barrels. It stood at 37 percent for the first half of the year.

On the other hand, the oil company reported a decreasing consolidated net income of Php 3.2 billion for 2014, lower by 26 percent from Php 4.4 billion last year.

It said the reduction was due to falling crude prices, which came in six announcements, for the third quarter of 2014.

Petron said that if the Dubai crude oil did not fall from its June rates at USD 108 per barrel, its operating income will be higher by Php 1.9 billion.

Despite the drop in oil prices, the company is optimistic on its strategic operations in Asia, namely the Philippines and Malaysia.

“We are operating in two of the fastest rising economies in Asia and we are well-positioned to participate in this growth and further expand our business,” Petron Chairman and Chief Executive Officer (CEO) Ramon S. Ang said.

Currently, Petron has 2,200 service stations in the Philippines, while it has successfully converted 460 out of 550 service stations to its brand in Malaysia.

Another source of Petron’s optimism in the Philippines, is the upcoming opening of its Refinery Mastery Plan-2 project in Limay, Bataan, which costs Php 2 billion. Its target commercial operations is by early 2015.

Although one of the most advanced refineries in the region, with processing and energy efficiency, operational availability and complexity, Petron previously said that the RMP-2 project was on time and was on budget.

It will increase Petron’s refinery production to a maximum 180,000 barrels-per-day, creating gasoline, diesel, Liquefied Petroleum Gas (LPG), and petrochemicals, along with other Euro-4 standard fuels.

Further, Petron said, in another disclosure to the PSE, that it will release its preferred shareholders dividends for the fourth quarter on Dec 5, worth Php 2.382 per share.

For the first quarter of 2015, it will release the same amount of dividend for the same type of shares on Mar 2.

However, its Preferred Shares Series A, which earns Php 15.75 per share, will be released by Feb 3.

Its Preferred Shares of Series B, priced at Php 17.15 per share, will also be released on Feb 3.

Meanwhile, Petron was ranked number 6 among the top 20 fastest growing companies in Asia by Platts, based on their assets, revenues, profits and return on invested capital.

Petron said it was the only Filipino company on the list.

Platts is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets. It is based in London. (PNA)

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