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Petron posts higher sales for first half of 2011

Bad weather affects local demand
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Petron Corporation, one the largest franchise brands in the petroleum industry, has posted sales revenue of P 134.9 billion in the first half of the year compared to P115.4 billion of the same period last year.

 

This was partly offset by the drop in domestic volumes of 1.9 million barrels as reduced motorist activity due to bad weather dampened local demand. Despite the drop, Petron remains the industry leader with 38 percent share of the total market and continues to lead in retail, LPG and Industrial market segments.

The company posted a net income for the first half of P6 billion and EBITDA was P11.6 billion.

“While Petron continues to show strong results from its core businesses, we are now reaping the benefits from the production of higher-margin petrochemical feed stocks,” Petron Chairman and CEO Ramon S. Ang said. “We are seeing more potential from this business which is why plans are underway to scale up our refining operations and further increase Petron’s footprint in the domestic and international markets.”

Petron has embarked on a major upgrade of its Bataan refinery committing an estimated P75 billion over the next few years to upgrade its 180,000 barrel-per-day capacity. The Bataan refinery is already the largest and most modern refining and petrochemicals complex in the country.

“Clearly, we have been able to accelerate our growth momentum even as we come from an already record-breaking performance in 2010. Moving forward, we are confident and optimistic of Petron’s prospects in 2011 given the programs we have in place and in the pipeline,” Ang concluded.

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