Phoenix Petroleum second-quarter profit surges 62%

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Phoenix Petroleum Philippines, Inc. reported a net income of P531.11 million in the second quarter, higher by 62% compared with the P327.77 million posted a year ago, as revenues during the period more than doubled with the surge in sales volume.

Revenues during the quarter hit P22.17 billion, up 118% from P10.16 billion in the same three months last year.

“As we grow our core business, we are also realizing the value of our new businesses, as we maximize synergies across our portfolio of fuels, lubricants, LPG, trading and supply, convenience store retailing, and asphalt,” said Phoenix Petroleum Chief Operating Officer Henry Albert R. Fadullon in a statement.

“We are committed to delivering greater value to our stakeholders and being their indispensable partner,” he added. — Victor V. Saulon