Engen Volumes Increase Despite Oil Prices Rise

Though volumes increased by 18 percent, revenue declined by 23 percent year to year to P555.3 million. Gross profit increased by 10.7 percent to P84.3 million on the back of a 27 percent decline in cost of sales, with the gross profit margin improving by 450 basis points to 15.1 percent.

A 15.9 percent increase in operating expenses was off-set by a 155.7 percent increase in other operating income, culminating in a 10 percent increase in operating profit. The operating profit margin increased to 11.3 percent from 7.9 percent in the first half.