PETRON POSTED A NET INCOME OF P3.37 billion in the first nine months of 2009, a turn around from a record loss of P3.9 billion last year.

In view of Executive Order 839, however, the company is expecting a net loss of P100 million for October which will likely rise to P1 billion for the four quarter if EO 839 is not lifted until end of the year.

The order froze the retail prices of fuels in Luzon at their Oct. 15 levels for an unspecified period.

Petron said the loss could be even higher if international oil prices rise beyond forecast levels in coming weeks.

Petron?s sales revenues for the first nine months were lower at P123.63 billion compared to the P216.43 billion in the same period last year mainly due to lower selling prices of petroleum products. Domestic sales volumes also decreased from 31.28 million barrels in 2008 to 29.86 million barrels this year.

Despite a challenging business environment, Petron said it continued to pursue efficiency-enhancing initiatives.

Recently, the integrated management system (IMS) at its Bataan refinery was certified as world-class by Germany-based TUV SUD Group. The certification refers to a unified management system in the company?s main facility that strictly adheres to world-class standards in quality management, occupational health and management and environmental management.