Phoenix Petroleum Philippines, Inc. reported a net income of ₱464.75 million for the first three months of 2018, 65% higher than the ₱282.31 million it recorded in the same period last year.
“With the acquisition of new businesses and aggressive expansion of the company’s network which were financed mainly through borrowings, interest cost increased by 348%,” the oil firm said in a regulatory filing.
Phoenix acquired the local LPG business of Malaysia’s Petronas and established the Singapore trading office last year.
The company’s revenue also soared to P18.083 billion, up by 107% from last year’s P8.727 billion.
“The increase was driven by the 66% growth in total fuel volume sold, with major contributions from the Company’s new business segments – regional trading and supply arm PNX Petroleum Singapore Pte. Ltd. and Phoenix LPG Philippines Inc,” the firm said in a statement released Friday.
It added, its market share last year climbed to 6.2% from 5.7%, posting the highest increase in the oil industry. — Denise A. Valdez