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.
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