Petron Corp. booked a consolidated net income of P1.73 billion in the first quarter, a turnaround from a P4.9-billion net loss in the same quarter last year.
Sales volume was lower by 21 percent for the period at 19.38 million barrels from last year’s 24.66 million barrels but better than the average in the previous three quarters.
Consolidated revenues dropped by 20 percent to P83.3 billion from P104.62 billion in 2020.
Petron is confident of its prospects to resume refining operations by June.
Petron said it delivered a turnaround in operating income in the first quarter of 2021 with P3.7 against a P4.4 billion operating loss in the same period last year.
The company also enjoyed inventory gains during the quarter due to recent improvements in international oil prices as well as in savings on operating expenses and financing costs, in contrast with the inventory loss suffered for the same period last year.
Petron has set aside P11 billion for its capital expenditures which covers the on-going construction of steam generator plants, strategic retail network expansion and maintenance requirements.
