MINDANAO-based Phoenix Petroleum Philippines Inc. announced Monday that its core net income for the first half of 2010 rose to P135.4 million, a 151 percent increase from P54 million a year ago.

Year-on-year revenue grew 179 percent from P2.218 billion last year to P6.188 billion this year. Phoenix Petroleum in the first six months of 2010 has already surpassed its 2009 revenue performance of P5.873 billion.

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First half sales volume surged 126 percent from the same period in 2009. The growth in volume is attributed to the expanding network of Phoenix Petroleum retail stations, which numbered 131 as of June 30.

The company had 120 stations as of 2009. As of August 3, 2010 Phoenix Petroleum grew its total stations to 142 around the country.

Furthermore, sales to commercial accounts which include customers in land transportation, power sector, shipping and airlines also registered significant increases.

Company assets increased by 23 percent to P6.159 billion in the first half from P5 billion on year-end 2009.

The company's first-half core earnings per share rose from 2009's P0.20 per share to P0.51 per share in 2010.

Phoenix Petroleum Philippines Inc. is a leading domestic independent petroleum company engaged in the storage, hauling and distribution of petroleum products in the Philippine market through its national retail network and to institutional accounts.