Petron Corp. expects to recover this year as long as no strict lockdown is implemented anew, its president Ramon Ang said at the stockholders meeting yesterday.
Ang said Petron will continue to deliver good performance following a strong fourth quarter 2020 and first quarter 2021,
Ang said the company is set to restart its 180,000 barrels per-day refinery in Bataan next month, adding this is a viable business “unless there’s a hard lockdown and the volume drops tremendously.”
For the first quarter of the year, Petron booked a turnaround in its consolidated net income to P1.73 billion against a P4.9-billion net loss in the same quarter last year. Sales volume for the period was lower by 21 percent, 19.38 million barrels from last year’s 24.66 million barrels as consolidated revenues dropped by 20 percent to P83.3 billion from P104.62 billion in 2020.
Meanwhile, for the fourth quarter of 2020, the company recorded a consolidated net income of P1.2 billion paired with consolidated revenues of P69.6 billion and sales volume of 19.08 million barrels. – Jed Macapagal
