Singapore-Philippine refiner Petron's third quarter net income plunged 67% year on year to Peso 462 million ($9.43 million), from about Peso 1.4 billion a year ago due to a sharp contraction in margins, the company said November 7.Petron's net income for the first nine months of 2008 was down 32.2% on the corresponding period of 2007 at Peso 2.78 billion."Continued volatility in oil prices is expected for the remainder of the year, clouding the company's income outlook for the fourth quarter," Petron said. But the refiner, which is in the midst of a major ownership change, said it remained "bullish about its long-term prospects."
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