Philippines' Petron posts 31% fall in Q1 profits

07 May 2008 10:16  [Source: ICIS news]

SINGAPORE (ICIS news)--Oil refiner Petron has posted a 31% year-on-year dip in its first-quarter net profits to Philippine peso (Ps)658m ($15.6m) due to lower refining margins, a company spokeswoman said on Wednesday.

The company’s sales for the period however, rose nearly 38% to Ps59.6bn, she added.

Despite the drop in net profits the company was comfortable with its petrochemical feedstock unit, which was expected to show a positive outlook in the near future, the source said.

Petron has been supplying Mitsui & Co with polymer-grade polypropylene since the beginning of April.

($1 = Ps42.35)

By: Brian Myung
65 6780 4359

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