Phoenix Petroleum Philippines posted P523M income for 1st qtr
Posted on May 20th, 2009
For the first quarter of this year, oil company Phoenix Petroleum Philippines posted a net income of P523 million. This figure was said to have been boosted by its acquisition o the Batangas Union Industrial Park in Calaca, Batangas.
Phoenix Petroleum said its first quarter revenue rose by 28.5 percent to P1.02 billion from year-ago level of P795 million. Its fuel lubricant sales volume rose by 94.6 percent from a year ago. “This performance translated into a net earning per share of P2.84,†it said.
These were based in the disclosure given to the Philippine Stock Exchange (PSE).
According to Phoenix Petroleum president and chief executive Dennis A Uy, the first quarter results were “above the company’s assumptions even after considering the tight business environment.â€
He said, “The first quarter performance of Phoenix Petroleum is way above its performance level in the same period of 2008. Even if we continue to face challenges brought about by tight market squeeze and lower profit margins amid uncertainties in the world oil market, we are still on track to meeting our current targets and optimistic of exceeding them.â€
Phoenix is planning to expand its Luzon operations this year. They will start this expansion with the schedule commercial opening next month of its terminal at the Batangas Union Industrial Park. The said terminal will have a capacity to hold 50 million liters of finished petroleum products. The said facility sits on the 3.9 hectare property it acquired from Philippine Investment Management, Inc.
For this year, Phoenix is aiming to put up 35 retail service stations, 20 of these stations would be in Luzon, 5 in Visayas and 10 in Mindanao. At present, they have 100 gas stations which are mostly located in Visayas and Mindanao.
The dynamic company was also able to acquire Bacnotan Industrial Park Corp. which used to be the industrial properties development arm of the Phinma group. They were able to acquire it by purchasing six million shares from Bacnotan Consolidated Industries Inc, Trans-Asia Oil and Energy Development Corp., Trans-Asia Power Corp. and Atlas Holdings Corp. at P109.81 per share.
