Latest Stories

Higher sales boost Phoenix Petroleum 9-month profit to P516M

Publicly listed Phoenix Petroleum Philippines Inc. grew its net profit to P516 million in the first nine months of 2012 from P491 million a year ago due largely to an increase in the volume of fuel products sold.

In a filing with the Philippine Stock Exchange on Wednesday, the independent oil firm also reported that it posted a 19-percent hike in its revenue to P24.9 billion in the same period from the P20.9 billion a year ago.

The higher revenue can be attributed to the 24-percent increase in the volume of fuel products sold and the 20.45-percent earnings contribution of Phoenix Petroleum’s newly acquired affiliate, Chelsea Shipping Corp., during the period covered.

Phoenix Petroleum said the increase in sales was a result of a wider distribution network, expanded institutional customer base and improved price competitiveness. Phoenix Petroleum had 275 retail stations as of the end of September 2012, of which 173 are in Mindanao, 21 in Visayas and 81 in Luzon.

Last year, Phoenix Petroleum was able to increase its market share in the downstream oil industry to almost 6 percent from 3.2 percent, in terms of volume.

The company has started its most aggressive retail network expansion program to date. This involves the setting up of about 100 gas stations this year alone.

Under this program, the company allocated P500 million to put up 40 gas stations in Luzon, 20 in the Visayas and 40 more in Mindanao next year. This is “to formalize our claim to be the leading independent player in the oil industry,” the company said in a statement.

The independent oil industry player is aiming at increasing the number of its retail stations to 500 within the next five years.

Phoenix earlier said it was also planning to put up this year three more depot terminals in Iloilo, Bacolod and Cebu to support its growing retail network.—Amy R. Remo

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Earnings , net profit , oil and gas , Philippines , Phoenix Petroleum

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Seabed search for missing Malaysian jet to widen
  • Lacson rejects calls to name ‘pork’ execs
  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Sports

  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Corruption not invincible after all
  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • Global Nation

  • Filipinos second-shortest in Southeast Asia
  • China welcomes PH apology
  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • Marketplace