Phoenix Petroleum posts 3% profit increase in first quarter

Davao-based Phoenix Petroleum Philippines Inc. posted a 3% growth in profits in the first quarter, due mainly to its expanded retail network. The company said that first quarter profits were tempered by higher expenses, which resulted in profits reaching PHP190.64 million(US$4.3 million), compared to PHP185.14 million (US$4.2 million) in 2011. The publicly-listed independent oil firm, in a statement said, “The group generated total revenues of PHP 8.271 billion(US$189.9 million) in 2012 which is 35% higher than its 2011 level of PHP6.111 billion (US$140.3 million).” Phoenix Petroleum currently has a total of 240 retail stations in the Philippines, up from 220 stations as of the end of 2011. Of the total network, 165 are in Mindanao, 12 are in the Visayas and 63 stations are in Luzon. (April 28, 2012)