Phoenix Petroleum says unaudited net profit up 16% to P643M in 2012

Independent oil player Phoenix Petroleum Philippines Inc. reported a 16 percent year-on-year jump in net income last year, driven by higher fuel sales and the consolidation of earnings from a shipping company its bought last year.
In a disclosure to Philippine Stock Exchange, Phoenix Petroleum said its unaudited consolidated net earnings grew to P643.3 million from P556 million in 2011.
Consolidated revenues reached P34.7 billion from P27.5 billion in the same comparable period, boosted by a 26 percent increase in sales volume during and P274 million in revenues from the consolidation of Chelsea Shipping Corp.
Fuel sales was driven by the continuous expansion of its retail station network, with 300 stations—191 in Mindanao, 21 in Visayas and 88 in Luzon—as of end 2012.
Higher sales from commercial accounts which include airlines, shipping, fishing, mining, power and transportation sectors, also helped expand sales volume.
The company said it supplies more than 50 percent of Cebu Pacific’s jet fuel needs and covers all the airline's logistics requirements in Mindanao.
The oil firm said its market share grew to 6 percent in 2012 from 5.5 percent, excluding the export and liquified petroleum gas sectors.
With “the continuous investment in its retail, depot facilities, logistics infrastructure and the acquisition of Chelsea Shipping Corp....” Phoenix Petroleum said its total resources rose by 32 percent to P17.1 billion.
Source: GMA News