Phoenix Petroleum profit hits Php427 million

A substantial growth in sales volume has propelled the 140% core net earnings rise of independent oil company Phoenix Petroleum Philippines Inc. to Php427 million (US$9.63 million) last year from Php178 million (US$4.02 million) in 2009. The oil firm’s revenues also logged a remarkable 152% full year climb to Php14.79 billion (US$333.71 million), surpassing set targets, from the year-ago level of Php5.87 billion (US$132.45 million). A substantial portion of this growth was brought about by the 127% increase in fuel sales volume during the year, plus the 19% average increase in fuel selling prices compared to 2009, the company said. (January 30, 2011)