Connect with us

Hi, what are you looking for?

Economy

Petron to deliver ‘good financial performance’ in 2021

By Angelica Y. Yang, Reporter

LISTED oil company Petron Corp. said it is hoping to deliver a good financial showing this year as long as authorities do not impose a stringent lockdown, its top official said on Tuesday.

“We certainly believe it (Petron) will continue to deliver a good performance unless there is a strict lockdown again,” President and Chief Executive Officer Ramon S. Ang said during the company’s annual stockholders’ meeting which was virtually held on Tuesday.

The firm was able to return to profitability by the second half of last year, as its net income from July to December hit P2.8 billion.

Petron’s Chief Finance Officer Emmanuel E. Eraña said during the event that this was a modest recovery from “huge losses” incurred the first half of 2020, which the firm earlier placed at P14.24 billion.

“The results from last two quarters of 2020 fueled our optimism as we entered 2021,” Mr. Eraña said, citing Petron’s first-quarter consolidated net income of P1.73 billion.

He added that the company’s refinery in Bataan served as the main import facility which ensured a stable and reliable supply of petroleum products during the global health emergency.

For Mr. Ang, Petron’s 180,000 barrels-per-day refinery is “very competitive,” and the firm sees no reason in shuttering the facility.

“In fact, we are set… to restart the refinery this coming June, unless there is a hard lockdown and the volume drops down tremendously,” he said, adding that the refinery remains a viable business.

Previously, Petron temporarily halted the operations in its Limay refinery in February to reduce losses due to weak margins.

Sought for comment on the impact of the coronavirus disease 2019 (COVID-19) pandemic on Petron’s overall financial performance, Mr. Ang said that volume sales were affected.

“Pandemic has brought down the volume of Petron. Revenue-wise, we are down practically 44% decline and volume drops by 27%,” he explained.

“Luckily, Petron’s balance sheet is very strong, and we have prepared the company to be able to weather this kind of storm. Rest assured that this company will survive and will make good return for everyone,” he added.

Petron’s attributable net income for the three months ending March stood at P1.4 billion, swinging from losses of P4.61 billion in the same period last year, even as the number of oil barrels sold declined and revenues decreased during the period.

Shares of Petron in the local bourse shed 0.32% or 1 centavo to close at P3.09 apiece on Tuesday.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

OUTSTANDING external debt at the end of June was at its highest level since at least 2011, according to the Bangko Sentral ng Pilipinas...

Economy

By Russell Louis C. Ku TRANSPORTATION BUDGETS need to provide for service contracting in order to offer relief for public utility vehicle (PUV) drivers,...

Economy

EXPORTERS have been advised to expect new UK tariffs with the launch of a separate British preferential trade access scheme after it exited the...

Economy

LABOR Secretary Silvestre H. Bello III said seafarers need to be better protected and proposed amendments to the 15-year-old maritime convention of the International...

Economy

The pandemic has accelerated new ways of working across various industries, including the auditing profession. However, new ways of operating for audit firms and...

Economy

SENIOR citizens get inoculated with their first dose of the Sinovac vaccine at the Marikina Sports Complex. — PHILIPPINE STAR/ MICHAEL VARCAS THE PHILIPPINES...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!