Philippines: Petron Quarterly Report Confirms Network Numbers
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Friday, 01 August 2008 |
Petron announced its half year results this week which confirmed fuel
consumption down and a slight increase in its service station network.
Nicasio Alcantara, president and chief executive officer of Petron, said fuel consumption dropped to 293,000 barrels per day this year as compared to the 294,000 barrels per day last year. He also reported that as part of their diversification, Petron added 15 more stations in the first half of 2008 bringing its total service station nationwide to 1,284. The oil firm still dominates the industry holding 46.7 percent market share.
Petron Corporation reported that its net income for the first half of 2008 dipped by 14 percent due to "unprecedented rise in crude costs and higher financing costs." Alcantara said its net income for the first six months of the year hit P2.32 billion lower than the P2.7 billion it posted in 2007 during the same period.
Alcantara said that despite the high fuel prices, the company was able to increase its domestic sales by 3.3 percent in first six months of the year to 21.29 million barrels per day from the 20.61 million barrels for the same period last year
"With our diversification strategy, particularly our efforts to increase our production of petrochemicals, we are in stronger position to cope with oil price volatility," he added.
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