Phoenix Petroleum Philippines posts 61% growth

Phoenix Petroleum Philippines posted a net income of Php416.7 million (US$9.61 million) for the January-September period, compared to Php258.5 million (US$5.9 million) net income during the same period last year. The company attributed the 61% growth to the increase in volume sold, which went up by 72% year-on-year. In its report to the Philippine Stock Exchange, the company said, “The growth comes from the expansion of the independent oil company’s retail network and increase in sales from its retail and commercial accounts.” But Phoenix said its third quarter net income fell to Php111 million (US$2.5 million) from Php123 million (US$2.81 million) in the same quarter last year. The decline in the third quarter was attributed to several supply disruptions brought about by fires that hit the refineries in Taiwan and Singapore, as well as the typhoons in the region. Phoenix is the top independent oil company in Mindanao and it is now aggressively expanding in Luzon and Visayas. It is involved in the trading of refined petroleum products and lubricants, and operates oil depots and storage facilities. (November 15, 2011)