PETRON Corp. on Tuesday reported that its consolidated net income decreased by 67 percent to P2.3 billion in 2019 from P7.1 billion a year earlier on the back of low production and weak refining margins. In a disclosure, Petron said consolidated revenues dropped by 8 percent to P514.4 billion year-on-year. Its local operations posted a net loss of P1.4 billion, compared with its net income of P2.8 billion last year. Sales volume slid to 107 million barrels from 108.5 million barrels because of the 5-percent decrease in volumes at the company’s oil refinery in Bataan province. Petron President and Chief Executive Officer Ramon S. Ang said that “despite the challenging business environment, we still pursued our strategic goals to sustain our leadership and deliver long-term growth for our company.”

Source: Manila Times March 10, 2020 17:37 UTC