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Philippines
Tuesday, March 19, 2024

Phoenix Petroleum earned P201m in Q2

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Phoenix Petroleum Philippines Inc. announced Thursday its return to profitability with a net income of P201 million in the second quarter, its highest since the onset of the pandemic.

The company said it gradually recovered from the P262.7-million loss it suffered in the first quarter.

Phoenix posted gains from overseas businesses and continued operational expense discipline across the group. Earnings before interest, taxes, deprecation and appreciation grew by 67 percent quarter-on-quarter.

“We had a difficult start this year, but we’ve gained some traction and are seeing favorable results from our strategies. Improved margins and our sustained prudence are paying off, and we are in a better position to cultivate growth as the market further recovers,” said Phoenix Petroleum president Henry Albert Fadullon.

“We are glad to emerge from the second quarter stronger and are more determined to stay on the path to recovery,” said Fadullon.

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