Petron Corp. has cued the issuance of US dollar-denominated senior perpetual capital securities for repayment of debts and for general purposes.
“[T]he executive committee of the board of directors authorized the company to issue [the securities], under such terms and conditions as management may determine,” the company said in a disclosure.
Sole crude oil refiner
The Philippines’ sole crude oil refiner said the securities could be sold, subject to laws and regulations, here, in the United Kingdom, Singapore, Hong Kong and Japan.
Petron’s current liabilities at the end of the third quarter of 2020 had reached about P126.22 billion. The firm sustained an P11.4-billion net loss in 2020 due to the impact of the pandemic, reversing a P2.3-billion net income in 2019.
But the company said it saw growth in the last two quarters of last year after enduring a historic slump in the second quarter when the strictest community quarantine restrictions were in place.
In the fourth quarter of 2020 alone, the company chalked up consolidated revenues of P69.6 billion as sales volume reached 19 million barrels.
Petron said these were achieved despite the continued implementation of a general community quarantine in key cities of the country, including those in the National Capital Region, as well as a repeat implementation of the “conditional movement control order” in Malaysia, where it also operates.
In March, Petron president and chief executive Ramon S. Ang had said they were anticipating higher demand and a more stable industry situation with the end of the COVID-19 pandemic “finally in sight.”
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