PHOENIX Petroleum Philippines, Inc. posted a net income of P1.437 billion in the first nine months of 2017, higher by 59 percent year-on-year.
The results include the impact of its newly-acquired liquefied petroleum gas (LPG) business.
Excluding the non-recurring gains and expenses related to the acquisition, core income reached P1.081 billion, higher by nine percent year-on-year.
Revenues from the core petroleum business during the period were up 37 percent to P32.6 billion on the back of robust volume growth in retail, lubricants, and LPG.
Third quarter volume was particularly strong.
The company completed 523 Phoenix retail service stations as of the first nine months of 2017.
It also continued to acquire new commercial direct accounts, while expanding its market share within existing accounts, including power, shipping, logistics, transportation, and manufacturing, among others, it told the Philippine Stock Exchange.
Published in the SunStar Cebu newspaper on November 15, 2017.
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