Phoenix Petroleum Philippines said Friday net income in the first quarter declined five percent year-on-year to ₱414.671 million.
Phoenix said in a disclosure to the Philippine Stock Exchange operating income reached ₱1.021 billion, up 27 percent in the first quarter, on the back of the sustained strength of its retail and commercial fuels business, the accelerating momentum of its LPG business, and a strong expense discipline.
“In spite of a tough environment, our performance in core areas, namely LPG, retail, and commercial, has shown remarkable strength, and we continue to improve our competitive position in these segments,” said Phoenix chief operating officer Henry Albert Fadullon.
“As we close a challenging quarter, we remain confident in the sound fundamentals of our businesses, at the same time, focused on, and excited by, the tremendous opportunities across our portfolio,” he said.
Phoenix increased revenues by 33 percent to ₱24.093 billion, while overall sales volume, which includes PNX Singapore, grew 33 percent year-on-year, an all-time quarterly high.
Meanwhile, Phoenix focused on effectively managing costs, which lowered operating expenses by 4 percent.
Sales volume rose 10 percent, outperforming the industry. Gains were led by LPG, which saw volume increase by 30 percent, fueled by higher household sales on the heels of the successful launch of the Phoenix SUPER LPG brand campaign.
Retail, meanwhile, posted a five-percent growth during the period as higher throughput resulted in improved network efficiencies. Phoenix operated 615 stations nationwide as of end March this year.
Commercial sales sustained double-digit growth, with key wins in manufacturing, mining, and road transport. Philippine FamilyMart posted a total chain sales growth of 9 percent from a year ago.