Phoenix Petroleum H1 profit more than doubles
MANILA, Philippines - Independent oil player Phoenix Petroleum Philippines Inc. said Tuesday its earnings more than doubled in the first half of the year after it expanded its retail network.
In a statement, Phoenix Petroleum said its net income surged 126% in January to June to P305.49 million from P135.4 million in the same period last year.
The growth was driven by the 125% increase in its revenues to P13.98 billion from P6.188 billion.
In the second quarter alone, net income grew 84% to P120.35 million from P65.39 million in the same quarter of 2010.
"The growth comes from the expansion of the company's retail network and increase in sales from its retail and commercial accounts," Phoenix Petroleum said.
The oil firm has a network of 190 stations as of June, against only 161 stations in the same period last year.
It said it would put up an additional 80 stations this year.