Petron Q3 net income at P1.56B from P67B gross

Petron Corporation earned net income of P1.56 billion from revenues of P67 billion in the third quarter of this year, according to its disclosure to the Philippine Stock Exchange (PSE). Petron’s board of directors approved the quarter’s financial performance report along with a declaration of a P2.382 cash dividend for holders of preferred shares. July to September net income was P1.05 billion less than the P2.611 billion of the second quarter from P70.847 billion in revenues. Petron’s financials came at the close of a PSE trading week that saw total value traded fall to P16.759 billion from the P21.021 billion of the previous week. Trading activity attributed to foreign investors was also subdued. Foreign buying and selling was only 39 percent of total trades. Net foreign buying from October 17 – 21 was only P603 million versus the P1.56 billion of the prior week. — ELR, GMA News