PHOENIX Petroleum Philippines Inc. reported a 35-percent jump in core income in the first half of the year to P610 million, from P450 million in the same period last year.
The oil firm’s strong performance was brought about by the 24-percent increase in revenues from its core petroleum business to P18.9 billion at end-June this year.
Including subsidiaries Chelsea Shipping Corp. and Phoenix Petroterminals and Industrial Park Corp. revenues and net income increased 24 percent and 8 percent, respectively. These subsidiaries, to note, were divested in November 2016 and have since been deconsolidated. As of June this year, it has put up 518 retail service stations nationwide.
“We will continue to sustain the growth momentum of our company as we expand our retail, commercial, lubricants and LPG businesses, drive operational excellence and acquire companies,” Phoenix Petroleum President and CEO Dennis Uy said.