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MANILA - Eastern Petroleum Corp. plans to double its retail network after hitting record sales a year ago.
Fernando L. Martinez, Eastern Petroleum chairman and chief executive officer, said the company's revenues rose 9.3 percent from P3.2 billion in 2010 to P3.5 billion in 2011, the highest since it entered the market 15 years ago.
Its net income however fell to P41 million, less than half its P100 million target owing to the company's aggressive property acquisitions.
Martinez said the company will increase its fuel stations to 100 from the current 40 to support its growth momentum.
Of the target, Eastern Petroleum already identified 30 new sites that will be completed withinin the first half of 2013.
"These are all part of P500 million capital expenditures for 2012 financed by both internally generated revenue and bank credits reported by the company at the beginning of the year," Martinez said.
Eastern Petroleum's retail expansion is geared towards the Visayas and Mindanao although the company plans to put up another oil terminal in Luzon to support its operations.
Martinez said the company's expansion aims to boost its presence in the least served areas of the country, "thereby contributing in market efficiencies beneficial to consumers."
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