Petron intends to double net income this year

Petron Corp. expects to double its bottom line to P20 billion this year should global prices of crude oil continue to stabilize, the oil refiner and petroleum products distributor said on Tuesday.

"Minimum 'yun, 'yun ang takbo ng kompanya," President and Chief Executive Officer Ramon S. Ang told reporters on the sidelines of the company's annual stockholders' meeting in Pasig City.

The company made a net income of P10.8 billion in 2016, up 73 percent from a year earlier, on record-high sales volume.

"Kung stable ang prices ng crude oil, Petron should deliver at least P2 billion net income per month," he added.

The company was able to double its net income in the first quarter of the year to P5.6 billion from P2.8 billion year-on-year, owing to improved operations in domestic and overseas businesses.

Ang noted, however, that the refinery undergoing a scheduled inspection in April to May.

"Kaya lang po ngayong April and May hihinto ho ang refinery for ... inspection. Every five years you stop the plant for inspection. Usually mga 30 days, 35 days. So maapektuhan konti ang April and May," he said. — VDS, GMA News