Operating income reached P22.3 billion, down from P27 billion last year, impacted by lower refining margins, the company said in a stock exchange filing on Tuesday.
Net income for the nine-month period declined to P7.1 billion from P9.5 billion, as gains in marketing were offset by industry margin pressures.
The international oil market remains volatile, with weak Chinese demand and Middle East tensions driving Dubai crude to an average of $82 per barrel for the first nine months, while refining margins dropped nearly 30 percent year-on-year, pressuring Petron’s profitability.
Management’s view
“Our resilience, while repeatedly tested, continues to carry us through challenging market dynamics,” said Ramon S. Ang, president and CEO of Petron.
“We are grateful for the steady support of our customers and other stakeholders, allowing us to still deliver growth despite temporary setbacks,” he added.
Boost from retail
Philippine and Singapore operations led revenue growth, with combined sales volumes rising 16 percent, while Malaysian operations grew by 4 percent.
The company’s strong retail performance in the Philippines boosted total retail sales by 7 percent, supported by strategic marketing and brand strength.
Commercial and export sales also contributed, growing 7 percent and 11 percent, respectively.
