EARNINGS: Higher sales lift Petron’s 2010 income

Higher sales revenues last year pulled up Petron Corp.’s net income 84 percent to P7.9 billion from P4.3 billion in 2009, the oil giant said in a disclosure to the Philippine Stock Exchange on Monday. Petron said that sales revenues rose 30 percent to P229.1 billion from P176.5 billion. "We are already seeing the results of the value-creating initiatives that we have embarked on since [San Miguel Corp.’s] entry into Petron," Petron chairman and CEO Ramon Ang said. Improving the company’s performance was a 73-percent surge in petrochemical sales, a 48-percent rise in export sales, and a foreign exchange gain of P1.5 billion, Petron said. Compared to 1.9 million barrels in 2009, its petrochemical sales hit 3.3 million barrels last year – the first full year of operations of the company’s Benzene, Toluene, and Mixed Xylene (BTX) unit commissioned in April 2009, the company said. On the back of higher petrochemical sales, Petron trumpeted a 48-percent increase in total export volumes to 5.2 million barrels from 3.5 million barrels. The company meanwhile reported a 6-percent increase in domestic sales volume to 43.1 million barrels from 40.7 million barrels. Petron attributed the rise to increased economic activity, aggressive solicitation of new accounts, and the expansion of its service station network. Network expansion To bring its products and services closer to motorists, the company continued to expand its service station network, ending 2010 with 1,700 service stations. The Bureau of Customs recently cited Petron as the top importer of oil, contributing P22.3 billion or 10 percent of the bureau’s 2010 collections. — PE/VS, GMA News