The Philippines' largest oil refiner and marketeer Petron Corp has sold 22 million barrels of oil products in the first quarter of this year, rising 66% from the same period in 2012, the company said in a statement Monday.
The increase came mainly from its subsidiary Petron Malaysia, which has 550 retail stations and operates a 88,000 b/d refinery at Port Dickson it acquired from ExxonMobil's downstream business in Malaysia last year.
Petron's revenue in Q1 rose 50% on year to Philippines Peso 112 billion ($2.7 billion), the statement added.
Its consolidated net income however, fell 12% year on year to Peso 2.2 billion.
The lower profit was attributed to the drop in the international oil prices, which has led to the reduction of its retail prices, the company added.
Petron's 180,000 b/d refinery in Limay, Bataan, supplies nearly 40% of the country's oil products demand. It has more than 2,000 retail stations on a nationwide basis, according to the statement.
