Phoenix Posts 145% Sales Growth to P2.31 Billion in Q1
With expanded retail network, publicly-listed Phoenix Petroleum Philippines Inc. apparently gained leverage on its sales, hence, pumping up its revenue by as much as 145 percent in the first quarter to P2.31 billion.
In a press statement, the company similarly indicated hefty expansion of about 113-percent in sales volume, propelled mainly by wider market presence, primarily in Luzon and its well-entrenched existence in Mindanao.
"The additional stations stamped their presence in their respective trade areas and began contributing substantially to total volume turnover," the oil firm noted.
It further pointed out that sales to industrial and commercial customers also showed record growths during the quarter, chiefly because of substantial jump in the demand of the airlines industry. "Total fuel sales volume for the initial three months of 2010 was 113% higher than the same quarter period last year as new station openings specially in Luzon quintupled over a 12-month period," the company stressed.
Phoenix Petroleum emphasized that the three-month revenue turnover alone already accounts for roughly a third of the full-year revenue outcome it logged in 2009.
For Visayas and Mindanao, Phoenix Petroleum qualified that retail network expansion has been comparatively modest. …