MANILA, Philippines – Eastern Petroleum Corporation (EPC) will hit its target net income for the year, according to company president Fernando Martinez.
Martinez explained that EPC was hitting its target of between P60 million to P100 million, adding that EPC was “not after the market share. We are now more after the bottom line.”
The oil firm is confident in next year’s business prospects, expecting sales to hit as much as P5 billion. Approximately P3 billion will come from its petroleum business while P1.4 billion will come from its liquefied petroleum gas (LPG) business.
The company also banks on an increase of up to P300 million in net income by the end of 2014, fueled by its LPG business.
EPC’s LPG business, called EC Gas, was launched in September 2013. The company plans to invest P90 million for 3 LPG refilling plants to be put up next year in the cities of Cebu, Davao, and General Santos.
The growth of EC Gas has also extended the business of the company, with Eastern processing 60 applications for LPG dealers. The company targets to establish 100 outlets by yearend and 1 million EC Gas tanks sold in the first year. – Rappler.com
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