Phoenix Petroleum First Half Net Income Jumps 151% to P135.4 Million

Article excerpt

The profitability of publicly-listed Phoenix Petroleum Philippines, Inc. remained upbeat after registering 151-percent core net income growth to P135.4 million in the first six months from year ago level of P54 million.

Revenue-wise, the oil firm similarly continues to gain upsides, with it posting 179-percent rise in that domain to P6.188 billion from P2.218 billion in the same period in 2009.

"Phoenix Petroleum in the first six months of 2010 has already surpassed its 2009 revenue performance of P5.873 billion," the company has noted in its disclosure to the Philippine Stock Exchange.

It must be noted that Phoenix Petroleum had been among the companies which set aggressive retail network expansion since last year, chiefly in the juicier market of Luzon.

The oil firm qualified that "the growth in volume is attributed to the expanding network of Phoenix Petroleum retail stations."

As of end-June this year, the company's asset base climbed 23-percent to P6.159 billion from last year's P5 billion. Its core earnings for the period went up to P0.51 per share as compared to last year's P0. …