Revenues dropped to P194.38 billion from P227.64 billion last year, as Petron’s Singapore trading unit scaled back and global oil prices dipped.
“We continue to operate in a volatile and unpredictable market,” said Ang, the president and CEO of Petron.
“As we navigate through these setbacks, we remain committed to enhancing our efficiency and strengthening our performance to sustain our market leadership and further our role as a nation-builder,” he added.
Dubai crude fell from $80 to $72 per barrel during the quarter, averaging $77, 5 percent lower than a year ago.
Sales volume slid 5 percent to 27.6 million barrels, but local retail sales in the Philippines grew 14 percent, boosted by more motorists and strong jet fuel demand.
Operating income fell to P9.47 billion but still beat internal targets.
