Sun.Star Cebu - - BUSINESS -

Phoenix Petroleum Philip­pines, Inc. posted a net in­come of P1.437 bil­lion in the first nine months of 2017, higher by 59 per­cent year-on-year. The re­sults in­clude the im­pact of its newly-ac­quired liq­ue­fied petroleum gas (LPG) business. Ex­clud­ing the non-re­cur­ring gains and ex­penses re­lated to the ac­qui­si­tion, core in­come reached P1.081 bil­lion, higher by nine per­cent year-on-year. Rev­enues from the core petroleum business dur­ing the pe­riod were up 37 per­cent to P32.6 bil­lion on the back of ro­bust vol­ume growth in re­tail, lu­bri­cants, and LPG. Third quar­ter vol­ume was par­tic­u­larly strong. The com­pany com­pleted 523 Phoenix re­tail ser­vice sta­tions as of the first nine months of 2017. It also con­tin­ued to ac­quire new com­mer­cial di­rect ac­counts, while ex­pand­ing its mar­ket share within ex­ist­ing ac­counts, in­clud­ing power, ship­ping, lo­gis­tics, trans­porta­tion, and man­u­fac­tur­ing, among oth­ers, it told the Philip­pine Stock Ex­change.

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