MANILA, March 17 (PNA) — With the crash of oil prices in the second half of 2014, Petron Corporation’s income also dropped from Php5.1 billion in 2013 to Php3 billion in 2014.
”The Philippines’ leading oil company Petron Corporation posted a better-than-expected consolidated income of Php3 billion for the year, lower than the previous year’s Php5.1 billion,” Petron said in a statement Tuesday.
Petron said the reduced income stemmed from its inventory loss of Php5.1 billion during the second half of the year, citing global trends in which the Dubai crude fell from US$ 108 per barrel in June, then continued crashing at US$ 60 per barrel in December.
Thus, Petron’s international purchases are higher than its local selling price due to the fluctuation of oil prices.
Its loss was still softened by a 9 percent increase in local sales volume, completed projects and risk-management.
Petron recalled losing Php3.9 billion during the 2008 financial crisis.
Its sales in the country and Malaysia was still promising at an improved 6 percent to 86.5 million barrels in 2014, compared with 81.7 million barrels in 2013.
The Philippines used 51.5 million barrels from Petron products ranging from retail, Liquefied Petroleum Gas (LPG) and lubricants.
It also reported its highest growth in the retail sector in the past five years at 6 percent, while LPG volumes also went up by 5 percent driven by retail and industrial sales.
Petron’s sales revenue also improved by 4 percent, from Php463.6 billion in 2013 to Php482.5 billion in 2014.
The oil company’s growing market share in Malaysia is also steady, with the opening of 10 more service stations in 2014, an addition to its existing 550 stations.
Some 20 more Petron service stations are expected to open in Malaysia, which are currently under construction. (PNA)