Petron Corp. posted a 67 percent slump in its consolidated net income in 2019 at P2.3 billion, against the previous P7.1 billion due to the unplanned total plant shutdown in April last year.
The company also said its local refining business incurred losses due to low production as well as start-up and stabilization activities in August to September last year, apart from weak refining margins.
Petron added it was affected by the market’s volatility in 2019, as political tensions in the Middle East and uncertainties in the global economy led average Dubai crude to drop to $63 per barrel from $69 per barrel in 2018.
Petron reported last year’s consolidated revenues fell by 8 percent to P514.4 billion, as sales volume was slightly lower at 107 million barrels, from 108.5 million barrels in 2018, due to the 5 percent decline in Philippine volumes owing to the refinery shutdown.
Petron’s Malaysian volumes grew by 3 percent and helped offset the decline in Philippine volumes.
The company expressed optimism it can rebound this year especially since it began commercial operations of its new lube oil blending plant in Manila, which has a filling.
