Petron 9-month earnings in 2019 drop by 70%

  • 📰 rapplerdotcom
  • ⏱ Reading Time:
  • 28 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 86%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Volatile market conditions hit Petron hard in the 1st 9 months of the year, as its net income drops to P3.6 billion.

EARNINGS. Petron's bottom line takes a beating in 2019. File photo by Jay Directo/AFP

In a disclosure to the Philippine Stock Exchange on Tuesday, November 5, Petron attributed the sharp dip to prolonged depressed refining margins in the region and its refinery shutdown."The company's sales volume declined mainly due to lower Philippine volumes by 7% as a result of its Bataan Refinery's emergency shutdown in April, partially cushioned by Malaysia's volume increase of 2%.

Meanwhile, Petron president and chief executive officer Ramon Ang called for more reforms in the industry to curb smuggling.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in CA

Canada Canada Latest News, Canada Canada Headlines