Petron says Q1 net income doubled to P5.6B

Petron Corp. on Monday reported a 100 percent rise in net income in the first quarter of 2016 from a year earlier, on improved operations of its core business both local and overseas.

In a regulatory filing, Petron said net income grew to P5.6 billion in January to March from P2.8 billion.

Its Philippine operations grew by 69 percent to P4.1 billion, and its Malaysian operations surged by 335 percent to P1.5 billion.

"Petron’s exceptional performance in both markets is mainly due to its strong focus on more profitable segments, production of higher-margin fuels and petrochemicals, and aggressive market expansion," the filing read.

Domestic volumes in Malaysia grew by 6 percent, fueled by double-digit growth in commercial and lubricants.

"We are definitely setting our sights on an even better performance this year as we derive more benefits from our strategic investments. Demand for fuels remains strong coming from the transportation, aviation and manufacturing sectors where we are well-entrenched and poised to grow,” Petron President and CEO Ramon S. Ang said. — Jon Viktor Cabuenas/VDS, GMA News