Petron posts sizeable drop in Q3-08 net income

Petron Corporation, Philippines' largest oil refining and marketing company, has posted significant drop in its net income for Q3-08, mainly due to the sharp drop in crude oil prices in the quarter that significantly reduced margins not only for the company, but also for other Asian oil refiners and marketers. Sinopec, Nippon Oil, Indian Oil and Singapore Petroleum are reported to have suffered double-digit declines in profits despite higher revenues. Petron plans to continue to focus on strategies that would create new revenue streams that will expand further its market base. Petron reported a net income of P462 mln for Q3-67% lower than the P1.4 bln posted over the same period last year. For the first 3 quarters, income amounted to P2.78 billion - a 32.2% reduction as compared to the P4.1 billion posted in 2007. Margins contracted as domestic prices of refined products fell much faster than the company's crude costs. The downtrend appears likely to continue until the end of 2008, raising the prospect of a fourth-quarter loss. Petron's 180,000 bpd oil refinery produces a full range of petroleum products to supply nearly 40% of the country's total fuel requirements. With nearly 1,300 service stations nationwide, it boasts of Philippines' largest service station network selling retail gasoline, diesel and kerosene.
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