Close  

Phoenix Petroleum net down 8% in first 9 months

/ 05:26 AM November 10, 2018

Phoenix Petroleum Philippines Inc. saw an 8-percent year-on-year drop in its net income after tax for the first nine months of 2018 to P1.32 billion from P1.44 billion previously, despite a surge in revenue.

Its core earnings jumped 27 percent if one-off items related to its acquisition of Malaysian firm Petronas’ liquefied petroleum gas business in the Philippines were excluded.

ADVERTISEMENT

Nine-month revenue doubled to P64.96 billion from P32.56 billion previously as the volume of petroleum products sold rose 51 percent to 2.02 billion liters.

Citing data from the Department of Energy, Phoenix said its market share was steady at 7.1 percent as of first half of 2018.

Phoenix said it had opened 558 stations nationwide and continued to strengthen its position in the commercial segment of the market with key account wins in marine and road transport.

To cater to the expected growth in domestic tourism, Phoenix expanded its fueling services to 18 domestic airports.

“In this highly dynamic operating environment, we continue to recognize opportunities,” Phoenix chief operating officer Henry Albert Fadullon said.

“We are broadening our products and services—fuels, LPG, convenience stores, payments, and soon, asphalt—developing credible and compelling offers that create value for our consumers, partners and shareholders,” Fadullon said.

Its fuels business grew by 11 percent while the LPG business grew by 11 percent.

ADVERTISEMENT
Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Growth, Phoenix, Phoenix Petroleum
For feedback, complaints, or inquiries, contact us.
newsinfo

Fire hits Japanese restaurant in Santiago City

August 21, 2019 03:26 PM

newsinfo

2 cops hurt in Masbate town ambush

August 21, 2019 03:23 PM

globalnation

Philippine Navy upbeat with Russia ties

August 21, 2019 03:10 PM



© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.