Philippines’ largest oil refiner and marketer, Petron reported a net loss of PHP14.2 billion ($289.83 million) in the first half of 2020, compared to a net income of PHP2.6 billion in the same period in 2019. The company attributed the loss to the slump in demand, prices, and refining margins. Petron’s consolidated revenues plunged by 40% to PHP152.4 billion ($3.11 million) from PHP254.8 billion a year earlier.
Petron’s consolidated sales volume from its Philippine and Malaysian operations stood at 41.9 million barrels, representing a 19% decline from 51.9 million barrels a year ago. The fall was primarily attributed to the sharp drop in fuel consumption due to the impact of the COVID-19 pandemic. Sales in the Philippines dropped by 28% amid strict quarantine measures which weighed on the country’s aviation and retail fuels demand.
The company said it would continue improving productivity and cutting expenses to deal with the coronavirus impact. Petron’s CEO Ramon Ang said the company had initiated cost-saving measures and prudent capex management. On Tuesday, Petron’s shares gained 1.32% to close at PHP3.06.
