Petron posts P14B net loss
Petron Corp. suffered a consolidated net loss of P14.2 billion in the first half of the year against the previous year’s P2.6 billion net income, attributed to slump in demand, poor refining margins and collapse in prices.
Revenues stood at P152.4 billion, down 40 percent from P254.8 billion last year, as sales volume from its Philippine and Malaysian operations dropped 19 percent to 41.9 million barrels from 51.9 million barrels due to the effects of the pandemic.
Petron said local sales volume dropped 28 percent due to reduced consumption, particularly in aviation and retail with the implementation of stricter quarantine protocols in the country.
The company said worldwide lockdowns resulted in an unprecedented demand destruction which led to a sustained drop in oil prices, reaching record low levels in 26 years. Dubai crude also collapsed by almost 70 percent or $44 per barrel from January to April wherein oil price fell to as low as $13 barrel in the daily trading.
“We continue to improve our productivity and reduce our expenses to help the company cope with COVID-19’s impact. At the same time, we have initiated cash preservation initiatives and prudently manage our capital expenditure. The company forecasts modest gains from inventory of about P3.5 billion in the second half of the year as prices start to recover,” said Ramon Ang, Petron president.
Italpinas profit rise 44%
Italpinas Development Corp.said profit for the first half of the year reached P35.21 million, up 43.89 percent from P24.47 million last year.
Sales hit P278.69 million, up 36.08 percent from P204.8 million last year.
“The key factor behind this extraordinary performance despite the COVID-19 pandemic is the sustained positive market response to IDC’s new green projects, namely Miramonti in Sto. Tomas, Batangas, and Primavera City (Phase 2) in Cagayan de Oro,” said Romolo Nati, IDC chief executive officer.
8990 Holdings sales grow 15%
8990 Holdings Inc. reported that first quarter profit stood at P1.3 billion, up 12 percent from P1.16 billion last year.
8990 was late in filing its quarterly results.
Sales reached P3.5 billion, up 15 percent from P3.04 billion a year ago.
8990 said it delivered a total of 2,291 units, up 4 percent from the prior year.
“Gross profit for the first three months was at P1.9 billion, 15 percent higher than last year. The company’s gross margin remained stable at 55 percent as the company actively monitors and controls spending, manages labor costs and locks in material costs to preserve margins from potential cost escalation,” it said.
Reservation sales grew 48 percent year on year to 3,457 units.
A total of 15 projects nationwide are expected to contribute to the company’s topline by the end of the year.
Its first flagship project in Metro Manila, Urban Deca Homes Manila, is forecasted to bring in half of the total revenues for the year.
Macay reports P24M net loss
Macay Holdings Inc. registered a net loss of P23.97 million in the first quarter, compared with a P35-million profit last year.
Sales hit P2.11 billion, down 14.6 percent from P2.48 billion last year due to lower prices and lower volume.
“Cost of sales went down by 14.27 percent mainly due to lower volume,” it said.
“With the bigger decline in sales, gross profit rate declined to 16.73 percent from 17.06 percent,” it added.