Petron Corp. net income up 30% in 2017

Petron Corp. reported on Tuesday a 30-percent climb in consolidated net income last year, driven largely by higher sales.

In an emailed statement, the oil refining and marketing company reported a net income of P14.1 billion for the full-year 2017, compared with P10.8 billion a year earlier.

“This was fueled by strong sales volumes and continued focus on high-value segments in its Philippines and Malaysia operations,” the company said.

Consolidated sales revenues rose by 26 percent to P434.6 billion from P343.8 billion, while operating income grew by 16 percent to P27.6 billion.

The company sold 107.8 million barrels in 2017 versus 105.7 millionin 2016.

“We were able to capture increased fuel demand with the robust growth in the Philippine and Malaysian economies,” Petron president and CEO Ramon Ang said.

“Underpinned by large-scale infrastructure projects, we see strong demand growth in both markets over the medium-term and this bodes well for our business,” he said. —Jon Viktor Cabuenas/VDS, GMA News