Petron incurs net loss of P11.4 billion

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FOR the whole of 2020, Petron Corp.’s consolidated sales volume stood at 78.6 million barrels, down 27 percent from 2019’s 107 million barrels.

Consolidated revenues declined 44 percent to P286 billion from P514.4 billion in 2019, reflecting the impact of the pandemic on Petron’s financial performance.

Overall, Petron incurred a net loss of P11.4 billion for the full year coming from its 2019 net income of P2.3 billion.

Aware of the current industry condition, Petron is focused on further improving its competitiveness.

Petron’s Bataan Refinery was granted approval as a registered enterprise in December 2020 by the Authority of the Freeport Area of Bataan.

This will benefit the company in the form of better timing on the payment of VAT which shall be upon withdrawal of the products from the refinery. (PR)