Petron profits up 5.4%

Petron profits up 5.4%

MANILA (AFP): Petron Corp. of the Philippines said yesterday net profits rose 5.4 percent from a year earlier to a record 4.238 billion pesos (US$161 million) in 1996.

Revenues rose 19.7 percent to 53.4 billion pesos, also a record high, over the same period, Petron said in a statement.

Analysts tracking the listed oil refiner said the results were either within or slightly below expectations.

The company, jointly-owned by a unit of Saudi Arabian Oil Co. and the Philippine government, did not give a 1997 forecast.

The 1996 results were "primarily due to larger sales volume, improved operating efficiency, and higher non-operating income," Petron said.

Sales volume rose 8.1 percent to a record 58.7 million barrels, with double-digit growth in aviation gas, gasoline, naptha and solvents enabling the company to hold a leading market share of 41.4 percent, it said.