Phoenix Petroleum Philippines Inc. posted a 3-percent growth in net income in the first quarter this year to P190.6 million, from P185.1 million in the same period last year.
In a disclosure to the Philippine Stock Exchange, Phoenix Petroleum said the slight growth can be attributed to the increase in the volume of fuel products sold during the period.
The company also said that revenues hit P8.271 billion, up 35 percent from the comparative 2011 level of P6.11 billion.
This surge can be attributed primarily to the 23-percent increase in sales volume of refined petroleum products plus higher revenues from fuels service and storage.
“The growth comes from the expansion of the independent oil company’s retail network and increase in sales from its retail and commercial/industrial accounts,” the oil firm explained.
However, Phoenix Petroleum also recorded a 37 percent hike in its cost of sales and services to P 7.677 billion, from its 2011 level of P 5.56 billion, given high petroleum product prices.
“Selling and administrative expenses increased as a result of the increasing volume and the continuous expansion of the group’s business operations. With its growing retail presence nationwide and the scaling-up of operations, the company incurred additions in manpower, and logistics costs including depreciation of facilities,” it explained.
Based on its first quarter performance, the company said that it is confident it will hit its target to put up an additional 100 stations this year.
This expansion will bring the total number of its retail stations to 320 from the 220 count as of end-2011.
Phoenix Petroleum already has 240 stations as of March 2012, of which 165 are in Mindanao, 12 in Visayas and 63 in Luzon.