Petron reported a P3.6-billion net income in the first quarter, up from P1.73 billion recorded the previous year, as revenues soared to P172.33 billion from P83.31 billion.
“Our efforts to increase our financial resilience, improve our efficiencies, and strengthen our brand equity have all yielded positive results,” president and Chief Executive Officer Ramon Ang said in an emailed statement. Domestic pump prices have been on an uptrend in 13 out of the past 17 weeks, which the Department of Energy attributed to the ongoing conflict between Russia and Ukraine, along with the easing of COVID-19 restrictions across the globe driving demand higher.
The firm’s business involves refining of crude oil and the marketing and distribution of refined petroleum products such as gasoline, naphtha, LPG, diesel, jet fuel, kerosene, and petrochemicals.
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