Petron profits up 21% in Q3 despite stiff competition

Profits of listed Philippine oil refiner Petron Corp. grew by over a fifth during the third quarter of the year despite lower sales volume due to stiff competition in the domestic market. However, Petron expects to incur a loss of Php100 million (US$2.12 million) for October alone due to Executive Order (EO) 839, which froze pump prices at October 15, 2009 levels, following a series of devastating typhoons that hit the country. (November 13, 2009)