Petron Nets P936 Mellion in First Quarter

April 22, 1998 PSE CIRCULAR FOR BROKERS NO. 756-98 April 21, 1998 PRESS RELEASE PETRON NETS P936 MELLION IN FIRST QUARTER Petron's sales revenues for the first three months of 1998 increased by 7.5%, reaching P15.2 billion versus last year's P14.2 billion. Domestic sales volume as of the end of March was higher by 4.3 per cent over the 1997 level, reflecting continued growth in domestic petroleum demand in spite of the expected economic slowdown. Fuel oil and LPG showed healthy growth. Gasoline and diesel volumes also increased. Despite favorable operating results, net income of P936 million was lower by 10.8% versus last year's P1.05 billion. This resulted mainly from recognition of the tax effect of the realized foreign exchange losses in 1997. Assets of the company stood at P39.7 billion, 18.6% lower than the level as of December 1997. The recent completion of a debottlenecking project at its Bataan refinery raises total refining capacity to 180 thousand barrels per day, from 165 thousand barrels, still the largest in the country. By the first quarter of 1999, the company will also see the completion of a continuous catalytic regeneration reformer or CCR, which will enable the refinery to produce more environment-friendly fuels.