Phoenix Petroleum posts

Leading independent oil company Phoenix Petroleum Philippines, Inc. netted R1.44 billion in the first nine months of the year, higher by 59 percent year-on-year, as it reaps benefits from its expansion strategies.

Excluding the non-recurring gains and expenses related to the acquisition, the firm's core income reached R1.081 billion, higher by 9 percent year-on-year.

"The results include the impact of the newly acquired LPG business," the company told the Philippine Stock Exchange on Monday.

Just in August, Phoenix Petroleum already completed the purchase of Petronas Energy Philippines, Inc. (PEPI).

PEPI has since been consolidated and renamed Phoenix LPG Philippines, Inc. (PLPI), a 100 percent owned subsidiary of Phoenix Petroleum.

During the period, the firm's revenues from the core petroleum business were also up by 37 percent to R32.6 billion on the back of robust volume growth in retail, lubricants, and LPG.

As of the first nine months of 2017, the Company completed 523 Phoenix