Petron Corp. has revealed that its net income for the previous year has reached P6.3 billion, which is double than the amount reported in the previous year. The reason cited by the company includes a surge in sales volume, effective risk management, and better refining margins.
The company’s strong growth comes despite a 25% drop in revenues. The drop is largely due to an almost 50% drop in international oil prices. Petron claims that its performance was “bolstered by proactive risk management to mitigate the impact of inventory losses and currency depreciation.” Another thing the company says is that both its Philippine and Malaysian operations contributed to its volume growth.
