MANILA, Philippines - Independent oil player Phoenix Petroleum's first quarter core net profit more than tripled from a year ago to P135.4 million, fueled by higher sales.
Based on its reported first quarter net income of P70 million, the company's second quarter profit reached P135.33 million.
Its revenue grew by a hefty 179% from P2.2 billion last year to P6.2 billion in the first half, exceeding its 2009 revenue of P5.87 billion.
In the six months to June, sales volume surged by 126% as the company operated more retail stations. As of end-June, its outlets grew to 131 compared to 120 in end-2009. As of August 3, Phoenix Petroleum had 142 stations nationwide.
Phoenix Petroleum's shares were 0.3% higher at P7.82 in mid-trade on Monday.