MANILA - Phoenix Petroleum said Wednesday it posted P63 million net income despite the COVID-19 pandemic on the back of its "strong" diversified portfolio.

Full year volume rose 32 percent year-on-year due to improving market conditions as global oil prices recovered and economic activities picked up in the fourth quarter, the oil company told the stock exchange.

Overseas business finished strong while domestic market share ranked 3rd, it said. Net income in the fourth quarter reached P158 million, it added.

"It was a strong finish to a challenging year...Our desire for growth has not been diminished and we will accelerate it by sweating our existing assets and keeping our sharp focus on cost discipline," Phoenix president and CEO Henry Albert Fadullon said.

Businesses were disrupted early in the year due to lockdowns imposed to curb the spread of COVID-19. Easing restrictions gradually improved the economy later in 2020.

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