Phoenix Petroleum Philippines Inc. said Tuesday net income reached P170 million in the first nine months, a reversal of the P95-million net loss it suffered in the same period last year.
The company said it continued to exceed pre-pandemic volume in the third quarter despite stricter mobility restrictions for most of the period.
“We are proud of the sustained growth in the third quarter. This is the product of the team’s hard work for the past 18 months as we position the business stronger during the pandemic, and aim for growth as the economy emerges from it,” Phoenix president Henry Albert Fadullon said.
The company said revenues grew by 81 percent year-on-year as the sustained volume growth was compounded by sharply rising commodity prices and forex depreciation. Operating income was up 78 percent year-on-year to P1.64 billion.
It said overall volume rose 33 percent from the prior year, led by growth in the domestic B2B segment and the overseas trading business.
