Phoenix Petroleum's 2012 profits soar 26%


Posted at Jan 29 2013 12:04 PM | Updated as of Jan 29 2013 08:27 PM

MANILA, Philippines - Phoenix Petroleum Philipines, Inc. saw its earnings rise by 26% to P34.7 billion in 2012 after fuel sales also climbed an annual 26%.

"The growth comes from the expansion of the independent oil company's retail network and increase in sales from its retail and commercial/industrial accounts," the firm said in a disclosure to the Philippine Stock Exchange.

As of December last year, the company has 300 retail stations, bulk or 191 of which are located in Mindanao, 21 in Visayas and 88 in Luzon.

Phoenix Petroleum noted its share of the oil industry increased to 6% last year from 5.4% in 2011.