Tuesday, August 15, 2017

Phoenix Petroleum income rises 35% to P610 million



Published

Buoyed by the performance of its retail network, the core income of publicly listed Phoenix Petroleum Philippines, Inc. climbed 35 percent to P610 million in the first half from the year-ago level of P450 million in the same period.
The oil firm noted that its 518 retail service stations proved to be a strong support to its bottom line outcome as well as increased revenues in January to June this year – on the back of deconsolidation and divestment of some assets since November last year.
As asserted by Phoenix Petroleum President and Chief Executive Officer Dennis Uy, the company is poised “to sustain the growth momentum… as we expand our retail, commercial, lubricants and LPG (liquefied petroleum gas) businesses.”
Additionally, the oil firm will be on the lookout for opportunistic growth with asset acquisitions; while also pursuing superiority on its operational parameters.
Within the six-month financial review period, Phoenix Petroleum noted that sales to commercial segment continued to be its volume growth driver, which consequently led to the expansion of its market share.
The oil firm divulged that it cornered remarkable “contract wins” in power, marine transport as well as road transport accounts.

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