Petron turns around with Php4.3 billion net profit

More stable crude oil and finished product prices were the primary reasons cited by leading oil refiner Petron Corp. for its net income of Php4.3 billion (US$93.52 million) in 2009, reversing record losses of Php3.9 billion (US$84.82 million) the previous year. The oil firm simply noted that the year 2008 was just “an abnormal year for many oil refiners, who experienced extreme volatility in crude and product prices.” Petron revealed that it sales had not been as rosy, with revenues down by 34%. Sales earnings dipped to Php176.5 billion (US$3.84 billion) last year from the 2008 level of Php267.7 billion (US$5.82 billion). Petron Chairman Ramon S. Ang pointed to “weak economic activity and cutthroat competition” as influencing factors to the company’s financial performance last year. (March 30, 2010)