AFTER navigating a challenging first quarter, Phoenix Petroleum ended the first three months of the year with P215 million in net loss versus P415 million in net income in the same period last year.
The company’s earnings before interest, taxes, depreciation, and amortization stood at P503 million in the first quarter from P1.4 billion in the previous year.
While volume decline was limited to five percent behind a strong growth momentum in retail fuels and LPG, consolidated revenues decreased by nine percent as average selling prices tracked the movements in global oil prices.
Full consolidation of the LPG business in Vietnam likewise increased operating expenses by six percent.
LPG volume surged 39 percent with the consistent double digit growth in its core in the Visayas and Mindanao market and the sustained expansion in Luzon. Meanwhile, retail volume was higher by nine percent as it builds on the progress of its network expansion in 2019. (PR)