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Petron Corp. recorded P3.87 billion in net income in the first half of 2021, a turnaround from a net loss of P14.24 billion in the same period in 2020, mainly driven by the steady increase of oil prices globally.
Petron recorded a 14- percent increase in consolidated revenues to P174.13 billion from last year’s P152.36 billion despite lower sales volume.
However, overall sales volume dropped by 7 percent which is still attributed to the effects of the pandemic specifically from the slowdown in sales to industrial accounts that was partially offset by the gradual improvement in the retail segment.
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Local sales in service stations climbed by about 12 percent while volumes for lubes significantly improved by nearly 50 percent. – Jed Macapagal
