Petron Corp. posted a net income of P5.3 billion in the first half of the year, down 12 percent from P6 billion a year ago, as it weathered a volatile global oil market despite stronger local sales and refinery operations.

The company said in a stock exchange report on Tuesday that revenues dropped 13 percent to P386.4 billion, dragged by weaker Dubai crude prices—which averaged $72 per barrel, 14 percent lower than last year’s $83—and lower trading volumes from its Singapore operations.

Total sales volume from January to June also slipped 7 percent to 64.2 million barrels.

However, combined volumes from the Philippines and Malaysia rose 3 percent to 56.2 million barrels, supported by a 13 percent increase in local retail sales.

Despite the slump, Petron President and CEO Ramon S. Ang said he remains confident in the company’s “ability to drive growth as we further enhance our operations towards greater efficiency and sustainability.

“Our results continue to reflect our resilience in overcoming market challenges, while highlighting the strength of the Petron brand across different customers and industries,” Ang said.

Petron continues to operate the country’s only refinery in Limay, Bataan, along with its Malaysian facility in Port Dickson.

The company also raised P32 billion from an oversubscribed bond offering, with proceeds used to redeem maturing bonds and fund corporate needs.