The country’s largest oil refiner, Petron Corporation, has reported that their net income for the third quarter of the year has been P1.56 billion. This brings their total revenues for the first 9 months of 2011 to a net of P7.6 billion.
The company earned a gross of P54.4 billion, which is 7 percent lower than last year’s performance for the same period. Petron attributes the decrease of income from the weak demand caused by frequent fuel hikes and market competition coming from the retail and industrial sectors.
However, Ramon Ang, Petron chairman and CEO, remains optimistic. He says, “Despite the challenging business environment, Petron remains poised to sustain its growth momentum with the programs we have in place and in the pipeline. Our modernization and expansion programs are already yielding tangible results and we expect more upside in terms of better yields, more efficient production and optimized distribution once our other projects come on-stream in the very near future.”