Petron Corp. reported a net income of P2.8 billion for its first-quarter. The reported amount is more than 10 times the amount of the previous year’s as sales from both local and regional increased. Petron President Ramon S. Ang was quoted as saying, “We are now experiencing the full benefits of our strategic programs and we are gaining momentum as we reach new levels of growth and profitability.”
Operating income increased at P5.8 billion from the previous year’s P3.0 billion. The difference between finished and crude products stayed strong, according to the company. It supported refining margins despite weak oil prices at 2016’s start. The company plans to expand their network further by creating more than 250 new service stations in both the Philippines and Malaysia.
