Petron posts 6.3% yoy rise in FY07 net profit

26 March 2008 11:36  [Source: ICIS news]

MUMBAI (ICIS news)--Petron Corp posted a 6.3% year-on-year rise in full-year 2007 net profit to Philippine pesos (P) 6.4bn ($154.6m) on improved operating efficiencies and an increase in domestic sales volumes, the Filipino refiner said on Wednesday.

For the full year, the company’s sales were marginally down to P210.5bn compared with P211.73bn in the year-ago period.

“Despite a difficult business environment, we were able to focus on key initiatives to cement our market leadership and sustain our growth momentum,” said president Kamal M al-Yahya.

Petron’s market share was also boosted by its acquisition of Chevron’s retail LPG business, which significantly raised LPG sales by about 25%.

The company said it commissioned its PetroFCC cracking unit in February.

“The PetroFCC is the first 'cracking' unit of its kind in the world and has significantly improved operating efficiencies since it converts black products (fuel oil) to LPG, gasoline, diesel and other products,” the company said.

"It also enables the extraction of the petrochemical feedstock propylene."

“The start-up of these units signals the beginning of Petron’s petrochemical age. We expect that our new petrochemical feedstocks will significantly contribute to our bottom line immediately,” Petron Chairman and CEO Nicasio Alcantara added.

($1 = P41.38)

By: Isha Jha
+65 6780 4359

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