Phoenix Petroleum posts spectacular rise in Q1 income

Boosted by its acquisition of the Batangas Union Industrial Park in Calaca, Batangas, Phoenix Petroleum Philippines Inc. said that net earnings reached Php523 million (US$10.86 million) in the first quarter of 2009, from Php31.25 million (US$648,062) during the same period a year ago. Phoenix Petroleum is considered a fast-rising player in the local oil industr. During its impressive first quarter, Phoenix Petroleum posted a 28.5% rise in total sales, from Php795 million (US$16.49 million) to Php1.02 billion (US$21.15 million). Its fuel and lubricant sales volume also increased 94.6% year-on-year. These figures, reports said, have given Phoenix Petroleum a profit record that seems to beat the other players in the local deregulated oil industry. Dennis A. Uy, president and CEO, said the first quarter results are above the company’s assumptions even after considering the tight business environment. (May 20, 2009)