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Petron Q1 net income slides to P953M

May 4, 2007

PETRON Corp., the country’s largest oil refiner, on Thursday reported a net income of P953 million for the first quarter of 2007, slightly lower than the P1 billion profit it posted in the same period a year ago.

Petron president Khalid D. Al-Faddagh attributed the drop in earnings to the expiration of the income tax holiday on the company’s Mixed Xylene sales last December.

Domestic sales remained weak as local oil demand continued to contract, while the company’s export sales also declined due to unfavorable international prices particularly in January. Total volumes fell by 13.3 percent.

“We managed to maintain our resilient performance because of the initiatives that we have implemented over the years, including the application of the latest technologies at various points of our supply chain and our ability to introduce innovative products,” Al-Faddagh said. GMANews.TV

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