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MANILA – Phoenix Petroleum Philippines Inc. on Thursday said earnings in the first semester fell by a third because of a big drop in international market prices in the second quarter.
In a statement, Phoenix said its first-half net income dropped 33 percent to P206 million from P305 million in the same period last year.
This was despite a 21 percent increase in revenues to P17 billion this year from P14 billion in 2011.
The higher revenues stemmed from a 19 percent increase in sales volume of refined fuel products and an improvement in fuels service and storage revenues.
“The volume growth was a result of the expansion of the company’s retail network and increase in sales from its retail and commercial accounts,” Phoenix said.
At end-June, the company had a network of 255 retail stations, up from 190 a year ago. Phoenix aims to expand its network by another 100 stations by yearend.
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