INDEPENDENT oil firm PTT Philippines Corp. (PTTPC) is expected to end the year with a net income of P458 million, 12 percent higher than last year’s P408 million, on the back of improving revenues.
At end-October this year, PTTPC booked P30.62 billion in revenues, 30 percent higher than what it reported in the same period last year. During the 10-month period, the oil firm sold 857 million liters, 25 percent higher than last year’s figures.
By end-2014, PTT is expected to post P30.6 billion in revenue. In 2013 it booked P26 billion.
For next year, PTTPC is targeting to book P33.07 billion in revenues with an anticipated 1.05 billion liters of fuel that could be sold for the entire 2015.
Net income, meanwhile, is expected to grow by 5 percent to 6 percent compared to 2014.
PTTPC is a subsidiary of Petroleum Authority of Thailand Public Co. Ltd.
Currently, PTTPC has 76 retail stations all over Metro Manila, Central, North and South Luzon, and Cebu in the Visayas. It plans to expand the number of its service stations more aggressively to 150 in the next five years.
PTTPC Operations and Logistics Director Korawat Sungmongkol said 15 more service stations will be put up next year.
“Thirty percent of the planned new stations will be medium to large stations, while 70 percent are small to medium stations. We aim to expand in Pangasinan going down south to Batangas, and also maybe in Cebu,” Sungmongkol said.
Sungmongkol was referring to PTTPC’s Platinum and Premier stations. A Platinum station is bigger than an ordinary gasoline station because it includes a mini-park. A Premier station is smaller in size compared to the Platinum. Both are patterned after the service stations of its parent firm PTT Thailand.
The oil firm said construction of PTT Premier stations are currently in full swing. These are PTT Manila East in Taytay, Rizal, and the PTT Belfast in Fairview, Quezon.
“We are expanding slowly,” he said. The oil firm is importing its fuel requirements. Officials said that PTTPC is not much affected by the recent steep drop in fuel prices.
“We are projecting that oil price will remain weak. It might even be weaker in 2015 compared to 2014. But those with refineries and on stockpiling inventory suffer most. In our case, we import in Singapore,” PTTPC General Manager Danilo Alabado said.