Dennis A. Uy-led Phoenix Petroleum Philippines, Inc. reported a net income of P296 million in the third quarter, reversing its P5-million second-quarter losses as overall volume sales grew by over 40%.
The oil company did not disclose a comparative figure for the previous year in its regulatory filing on Friday.
Phoenix Petroleum’s return to profitability in third quarter allowed it to trim its year-to-date net loss to P95 million.
Overall volume sales climbed by 42% from July to September due to the recovery of its local business amid relaxed quarantine measures and tripled sales in other countries. The year-to-date overall volume was 23% higher year-on-year, even if it ended flat in the third quarter.
Phoenix Petroleum reported that its overseas liquefied petroleum gas (LPG) volume in Vietnam grew by 8% in the third quarter. Domestic volume climbed 14% as travel and lockdown restrictions eased.
The firm’s retail business has also reached 80% of its pre-pandemic volume, as close to 100% of its network is back in operations.
From July to September, operating expenses per liter declined by 22% year-on-year. Phoenix Petroleum said that it was able to realize around P1 billion in cost savings and P1.5 billion in capital expenditures.
Phoenix Petroleum has business interests in the trading of petroleum products, distribution of fuels, and the marketing of LPG, lubricants and other chemicals, among others. Through its subsidiaries, it has expanded into selling its fuel products, convenience store retailing and digital transaction services.
Shares in Phoenix Petroleum on Friday inched down by 1.07% as it closed at P13 apiece. — Angelica Y. Yang