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Petron H1 income dips to P6.14-B as interest rates bite

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Motorbike riders stop for gas at a refueling station at the Petron Gas station on Commonwealth Avenue in Quezon City on March 02, 2021. Jonathan Cellona, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2021/tvpatrol/11/08/fuel-price-hike-jc-23.jpg"/><figcaption>Motorbike riders stop for gas at a refueling station at the Petron Gas station on Commonwealth Avenue in Quezon City on March 02, 2021.<em> Jonathan Cellona, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA -- Petron Corporation on Tuesday said its net income reached P6.14 billion in the first of 2023, lower than the P7.7 billion it recorded in the same period last year. </p><p>In a statement, the oil giant said it sold 57.61 million barrels of fuels from January to June, up by 12 percent from the 51.41 million barrels in the same period in 2022.</p><p>In the Philippines, sales volume was at 34.93 million barrels, up by 16 percent year-on-year, amid strong demand recovery.</p><p>The company noted, however, that rising financing costs due to successive interest rate hikes affected their finances.</p><p>Petron said their consolidated revenues went down by 8 percent to P367.4 billion from last year&#x27;s P398.52 billion, noting that the benchmark Dubai crude decreased by 22 percent from the same period in last year.</p><p>Petron president and chief executive officer Ramon Ang said the figures prove the company&#x27;s ability to secure its cash flow and financial resilience among challenging market conditions.</p><p>Petron Corp said posted a P3.4 billion <a href="https://news.abs-cbn.com/business/05/10/23/petron-net-income-dips-slightly-to-p34-billon-in-q1">net income</a> in the first quarter, slightly lower than the P3.6 billion in the same period last year partly due to higher financing costs. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/15/23/san-miguel-corp-income-up-revenues-hit-p3467-billion">San Miguel Corp income up, revenues hit P346.7 billion</a></li>	<li><a href="https://news.abs-cbn.com/business/07/07/23/petron-raises-p14b-in-preferred-share-offering">Petron raises P14B in preferred share offering</a></li></ul><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2738963" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Petron Corporation said its net income reached P6.14 billion in the first of 2023, lower than the P7.7 billion it recorded in the same period last year. 