6 days ago
Petron nets P5.3B in H1 2025
Petron Corp. on Tuesday reported a decline in first-half net income, as the Ang-led fuel retailer reported a double-digit decline in its revenues during the period on the back of lower international oil prices and decreased volumes from trading operations in Singapore.
Petron reported a P5.3-billion net income in the first half of the year, down from P6.023 billion in the comparable period of 2024.
Overall sales declined by 13% to P386.4 billion, as the consolidated sales volume was dragged by transactions in Singapore to 64.2 million barrels. The combined sales volume from the Philippines and Malaysia climbed 3% to 56.2 million barrels.
'Our results continue to reflect our resilience in overcoming market challenges, while highlighting the strength of the Petron brand across different customers and industries,' Petron Corp. president and chief executive officer Ramon Ang said in an emailed statement.
'We remain confident in our ability to drive growth as we further enhance our operations towards greater efficiency and sustainability,' he added.
The company raised P32 billion from its latest fixed-rate bond offering, with its P25-billion base offer 1.3 times oversubscribed leading to a P7-billion oversubscription. Proceeds will be used for the redemption of its Series D and E bonds, and funding for general corporate purposes.
Shares in Petron closed Tuesday at P2.48 apiece, unchanged from Monday's finish. –VAL, GMA Integrated News
