Petron reports P4.9B loss in Q1 due to pandemic

Petron Corporation reported a net loss of P4.9 billion in the first quarter of 2020, compared to a P1.3-billion profit in the same period last year.

The decline was attributed to significant inventory losses due to the drop in oil prices and reduced demand during the lockdown caused by the coronavirus pandemic.

Petron's revenues fell by 16% to P104.6 billion from P124.6 billion, with combined sales volume dropping to 24.7 million barrels from 26.3 million barrels.

CEO Ramon Ang noted that travel bans and restrictions led to a significant decrease in fuel demand, particularly for retail and aviation.