Petron logs improved volume in Q3 as economy reopens

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PETRON Corp. has seen its sales volume improve as quarantine restrictions become more relaxed and economic activities pick up in the third quarter after months of decline due to the coronavirus pandemic.

Following the easing of lockdowns in the Philippines and Malaysia, Petron’s consolidated retail volume from July to September registered a 48.6 percent improvement versus the second quarter.

Philippine volume jumped 33 percent with most Petron stations in the country operating under normal hours since August.

Overall, Petron’s third quarter performance reflected a modest recovery as the company returned to profitable status, delivering a consolidated net income of P1.63 billion during the period.

This was primarily driven by retailing margins as its refining segment continued to incur losses due to thin refining margins. (PR)