Petron registers P2.3 billion income in first half '98

July 20, 1998 PSE CIRCULAR FOR BROKERS NO. 1666-98 July 17, 1998 Press Release Petron registers P2 . 3 billion income in first half '98 Petron's sales revenues for the first semesters of 1998 increased by 5.1% reaching P30.9 billion versus last year's P29.4 billion. Petron's higher revenues resulted in a gross profit of P4.7 billion, improving over last year's P4.1 billion. The Company's operating income grew by 10.7 per cent from P2.8 billion in the first half of 1997 to P3.1 billion in the first half of 1998. Net income for the period amounted to P2.26 billion, versus last year's P2.25 billion. Domestic sales volume as of the end of June was only 1.2 per cent higher than the 1997 level, reflecting the slackening in domestic petroleum demand as a result of the economic slowdown. Among the different products, LPG, gasoline, and fuel oil showed healthy growth. NAPOCOR's exceptional demand for fuel oil during the first half of the year boosted sales of this fuel. Meanwhile, jetfuel sales registered a decline due to fewer international and domestic lights brought about by the Asian regional crisis. LexLib Last April, a debottlenecking project at its Bataan refinery was completed, raising total refining capacity from 165 thousand barrels to 180 thousand barrels per day. Petron is currently undertaking a remaining program. By the end of July, some 80 stations will have Petron's new look and design. Last May, it launched its first family convenience store called TREATS at its new outlet at Dr. Santos Avenue in Sucat, Paraaque. TREATS will be a feature of selected service stations such as the new Petron Express Center at the South Luzon Tollways which will be inaugurated on July 19, 1998. The biggest service station in the Philippines, the Petron Express Center features state of ( Illegible portion in PSE file )