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Petron Corp. on Tuesday reported a decline in first-half net income, as the fuel retailer posted a double-digit drop in revenues due to lower international oil prices and reduced trading volumes in Singapore.
Petron recorded a net income of ₱5.3 billion in the first half of the year, down from ₱6.023 billion during the same period in 2024.
Total sales fell by 13% to ₱386.4 billion, as consolidated sales volume dropped to 64.2 million barrels, impacted by weaker Singapore transactions. However, combined sales volume from the Philippines and Malaysia rose 3% to 56.2 million barrels.
“Our results demonstrate resilience in navigating market challenges, showcasing the strength of the Petron brand across diverse customers and industries,” the company stated.
“We remain confident in driving growth by improving operational efficiency and sustainability,” the statement added.
The company raised ₱32 billion from its latest fixed-rate bond offering, with the ₱25-billion base offer oversubscribed by 1.3 times, resulting in an additional ₱7 billion. The proceeds will be used to redeem Series D and E bonds and for general corporate purposes.
Petron shares closed unchanged at ₱2.48 each on Tuesday.
