Phoenix Petroleum Philippines said Monday it is on track to a positive full-year 2020 earnings due to financial initiatives, such as cost saving measures implemented in the past several months.
Phoenix Petroleum disclosed to the Philippine Stock Exchange it implemented major steps in strengthening its balance sheet in December through a comprehensive financial management program amid the challenges of the pandemic.
“It has been a turbulent year, but we have been making headways in our engagements with creditors, and are ending the year with renewed strength and positivity,” said Phoenix Petroleum president Henry Albert Fadullon.
Phoenix Petroleum posted an operating income of ₱4.50 billion in 2019, up 12 percent from 2019. The company posted a net loss of P95 million in the first nine months of the year.
Phoenix Petroleum announced the redemption of P1.25 billion in preferred shares on December 18 following the settlement of P3 billion in short term commercial papers on December 5.