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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