Oil distributor Phoenix Petroleum Philippines said it booked a net loss of P215 million in the first quarter, a reversal of the P415-million net income in the same period last year.
Phoenix said in a disclosure to the stock exchange that after navigating the challenging first quarter, the company posted earnings before interest, taxes, depreciation and appreciation of P503 million, down from P1.4 billion a year ago.
“We were not spared, but we were able to navigate the downturn better because of our earlier investments in strategic, higher margin areas such as retail and LPG. Our portfolio today is more diversified, with LPG particularly thriving in this pandemic. From a non-essential item in the kitchen, LPG became an essential household product, especially during the enhanced community quarantine,” said Phoenix Petroleum chief executive Dennis Uy.
The company said the volatility in oil markets driven by geopolitical tensions significantly challenged the industry at the start of the year. This was compounded by the COVID 19 pandemic and the consequent containment measures, which began to materially impact demand towards March.
