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Petron Corp. reported more than double profits in H1-2011

August 10/2011

(Plastemart) -- Petron Corp. reported more than double profits in H1-2011 on account of substantial revenue growth. Petron earnings spiked P6.04 bln from P2.96 bln in H1-2010, mainly due to its diversification into petrochemicals.


"While Petron continues to show strong results from its core businesses, we are now reaping the benefits from the production of higher-margin petrochemical feedstocks," Ramon Ang, Petron chairman and chief executive officer, said. Exports primarily of petrochemicals jumped by 54% to 3.14 mln barrels. Overall revenues however were partly offset by the drop in domestic volumes of 1.9 mln barrels amid reduced domestic demand for fuel.


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