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Phoenix Petroleum Philippines on Friday reported a 7-percent decline in net income in the first half to ₱896.83 million from P968.8 million year-on-year.
“Against a backdrop of challenging operating conditions, we continue to invest and build on our long term competitive advantages. We are building scale to drive efficiency in fuels and LPG. We are investing in the brand and more importantly, in capabilities that will allow ourselves to adapt and innovate in markets,” said Phoenix chief operating officer Henry Albert Fadullon.
Phoenix said in a statement to the Philippine Stock Exchange first-half operating income rose 22 percent year-on-year to ₱2.07 billion.