After capping the first half of the year with a huge profit increase, listed independent oil company Phoenix Petroleum Philippines Inc. saw a single-digit improvement in its
nine-month income amid significant increase in its revenue during the period.
In a disclosure to the Philippine Stock Exchange, Phoenix Petroleum reported a 5-percent increase in its net income during the first nine month of the year, earning P541.3 million from the P515.7 million recorded in the same period last year.
Also, the oil firm reported that its consolidated revenue as of September 2013 increased to P31.7 billion, or 27 percent higher than the P24.9-billion revenue in the first three quarters of 2012.
The growth, according to the company, was brought about by the 32-percent increase in its fuel sales volume during the year, which was driven primarily by the company’s continuously expanding retail station network.
After ending 2012 with 300 stations, the company’s network reached 358 stations as of September 30, 2013. Of these 358 stations, 208 are based in Mindanao, 45 in Visayas and 105 in Luzon.
In the first half, Phoenix Petroleum reported a 39.75-percent increase in its net profit, earning P372.27 million from the P266.38 million it earned in the same period last year.
Also, the oil company’s revenue for the period increased to P21.8 billion, or 28 percent higher than the P17 billion generated in the first semester of 2012.
Phoenix Petroleum increased its market share from 6.5 percent in 2012 to around 8.2 percent in first-half 2013, excluding its liquefied petroleum gas and export sectors.