BY UNICAPITAL SECURITIES
Petron Corporation (PCOR) reported a consolidated income of PHP 3 billion last year, 41% lower than the PHP 5.1 billion recorded in 2013 amid the collapse of crude and finished product prices in the second half of 2014, the company said yesterday.
This would have been much higher if not for the net inventory loss of PHP 6.5 billion.
However, the company saw a 9% increase in Philippine sales volumes.
Combined sales from both its Philippine and Malaysian operations increased 6% to 86.5 million barrels in 2014 versus 81.7 million barrels the previous year.
Thus, sales revenues grew 4% to PHP 482.5 billion in 2014 from PHP 463.6 billion in 2013.