Phoenix Petroleum posts 18.5% increase in operating income

Phoenix Petroleum Philippines Inc. said its net earnings from operations in 2009 reached Php178.1 million (US$3.89 million), 18.5% higher than the Php150.3 million (US$3.29 million) earned in 2008. In a disclosure to the Philippine Stock Exchange, Phoenix said it made an extraordinary gain of Php573.4 million (US$12.54 million) during the year arising from its March 2009 acquisition of Bacnotan Industrial Park Corp. (BIPC). Phoenix said the one-time gain reflects the purchase of BIPC below its fair market value based on an independent appraisal which is required under prevailing accounting rules on business acquisitions. (April 7, 2010)