Phoenix Petroleum Philippines Inc. posted a net income of P1.32 billion in the first nine months of 2018, down 8.3 percent from P1.437 billion year-on-year.
Phoenix said in a filing with the Philippine Stock Exchange net income attributable to parent equity holder was also lower by 32 percent to P1.171 billion from P1.29 billion.
Net income after tax in the third quarter fell to P350 million from P826.6 million in the same period last year.
“In this highly dynamic operating environment, we continue to recognize opportunities. We are broadening our products and services—fuels, LPG, convenience stores, payments, and soon, asphalt—developing credible and compelling offers that create value for our consumers, partners, and shareholders,” said Phoenix Petroleum chief operating officer Henry Albert Fadullon.
The company’s market share was steady at 7.1 percent based on the Department of Energy report as of the first half of 2018.
Revenues doubled to P64.963 billion in the first nine months from P32.556 billion as volume of petroleum products sold grew 51 percent on year to a record-high of 2.02 billion liters.
The bigger volume was compounded by the rise in benchmark crude as well as the imposition of the new excise tax rates starting in January this year.
Phoenix said domestic business increased volume by 12 percent, driven by fuels and liquefied petroleum gas, which rose 11 percent and 23 percent, respectively. Opening new market and, trading operations at PNX Petroleum Singapore Pte Ltd. added more than 500 million liters, accounting for over a quarter of consolidated volume sales.
The convenience store retailing business, through Philippine FamilyMart CVS Inc., expanded its average daily sales by 21 percent, driven by the launch of the Generation 2 store concept.
Gross expenses, however, rose to P62.71 billion from P31 billion in the same period last year following several acquisitions.
Phoenix acquired Philippine FamilyMart CVS Inc in January this year to focus on improving in-store and supply chain efficiencies and better food offerings that cater to its target market.