Petron Corp. suffered a 20 percent drop in consolidated net income in the first half of the year to P6.14 billion from P7.7 billion in the same period in 2022.
The company cited rising financing costs due to successive interest rate hikes.
Petron also booked an 8- percent reduction in consolidated revenues at P367.04 billion from P398.52 billion.
The company said because of significant correction in commodity prices, contraction in “refining cracks” were also experienced.
Despite the drop in income and revenues, Petron recorded a 12-percent growth in consolidated sales volume to 57.61 million barrels from 51.41 million barrels as increases were recorded across various business segments.
“These results demonstrate our proven ability to secure our cash flow and maintain our financial resilience amid changing market conditions. Our growth strategy is on course as we continue to work on vital programs at our refinery, terminals and service stations that will ensure our stability, productivity and sustainability as an oil company,” said Ramon Ang, Petron president and chief executive officer, in a statement.
Petron operates the country’s sole oil refinery plant with a 180,000 barrels per day capacity and has over 2,800 retail stations nationwide.
