Ramon Ang-led Petron Corporation reported a consolidated net income of P1.73 billion during the 1st quarter of 2021, swinging into the black compared to its performance a year ago.
In a disclosure to the local bourse, Petron said the 1st quarter's figures were a reversal of its P4.9-billion net loss in the same quarter last year, and higher than its P1.2-billion net income in the 4th quarter of 2020.
While total sales for the 1st quarter reached 19.38 million barrels, the figure is still 21% lower year-on-year, reflecting the "demand destruction from the pandemic," said Petron.
Consolidated total revenues were down by 20% to P83.3 billion from P104.62 billion in 2020.
Despite lower revenues, Petron said it recorded inventory gains during the 1st quarter due to favorable international oil prices. In March 2020, US benchmark oil prices were under $20 a barrel, against this year's $60.
Ang, Petron president and chief executive officer, said the firm is "more confident" in its prospects given the COVID-19 vaccination program. In June, Ang said, refining operations are expected to resume.
"We are banking on the success of vaccination efforts here and abroad to boost our economy and the downstream business environment in general. While we have our work cut out for us, we are inspired to do more, grow stronger, and contribute further to society," said Ang.
For 2021, Petron has set aside P11 billion for capital expenditures, to cover construction of steam generator plants, retail network expansion, and maintenance requirements. – Rappler.com