Phoenix posted P665-M net income in 2013

Phoenix Petroleum Philippines Inc. barely grew its consolidated net income in 2013 from the previous year as it kept margins low to boost volume sales and gain market share.

In its audited statements, the company reported a profit of P665 million in 2013 or just 2 percent higher than the P651 million posted in 2012. This was despite a 26-percent increase in consolidated revenue to P43.552 billion in 2013 from P34.585 billion in the previous year.

Company VP for external affairs Raymond Zorilla said in a text message, “Due to market volatility, our margins were squeezed and lessened but we managed to maintain profitability. Also in order to gain market share by increasing volume sales, our selective and calculated strategy was to sell at minimal margins.”

Department of Energy data showed that  Phoenix Petroleum’s market share grew to 7.2 percent as of the first half of 2013 from 4.4 percent in 2012.

The growth in revenue and market share was backed by a 31-percent increase in petroleum sales volume. Riza T. Olchondra