Phoenix Petroleum net down 8% in first 9 months

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.

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.