Petron profit more than doubles in Q1

The Philippines’ largest refiner, Petron Corp., said net income more than doubled in the first quarter to Php1.9 billion (US$42.2 million) as against Php874 million (US$19.41 million) in the same period last year. Its robust performance was attributed to a significant increase in petrochemical sales, higher domestic volumes and lower interest expenses. Petron sold 689,000 barrels of petrochemical feedstocks (mixed xylene, propylene, benzene and toluene) in the first quarter of 2010 compared to only 35,000 barrels last year due to an extended maintenance turnaround in the first quarter of 2009. Petrochemical production also increased with the commercial operation of the BTX unit in April 2009. “We are already seeing strong and positive returns from our recent initiatives aimed at improving our market share and enhancing revenue streams,” Petron Chairman and Chief Executive Officer Ramon S. Ang said. (May 8, 2010)