{"id":90747,"date":"2017-02-22T07:07:48","date_gmt":"2017-02-22T12:07:48","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=90747"},"modified":"2017-02-22T07:07:48","modified_gmt":"2017-02-22T12:07:48","slug":"phoenix-petroleum-nets-php1-09b-in-2016","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/02\/22\/phoenix-petroleum-nets-php1-09b-in-2016\/","title":{"rendered":"Phoenix Petroleum nets PHP1.09B in 2016"},"content":{"rendered":"
\"Listed<\/a>
Listed Phoenix Petroleum Philippines, Inc. on Wednesday said its profit surged 21 percent to PHP1.09 billion in 2016, after its fuel sales climbed to an all-time high on the back of solid growth in retail and commercial volume. (Photo: Phoenix Petroleum Philippines\/Facebook<\/a>)<\/figcaption><\/figure>\n

MANILA\u2014Listed Phoenix Petroleum Philippines, Inc. on Wednesday said its profit surged 21 percent to PHP1.09 billion in 2016, after its fuel sales climbed to an all-time high on the back of solid growth in retail and commercial volume.<\/p>\n

Phoenix Petroleum told the local bourse fuel sales volume grew 25 percent, hitting the 1.5 billion liter milestone last year.<\/p>\n

Retail sales volume was up 12 percent year-on-year, with the completion of 51 new retail stations during the year, bringing the total number of outlets built to 505 as of end December 2016.<\/p>\n

Its commercial sales volume grew 33 percent from higher market share and increased consumption by distributors and corporate direct accounts, which include the power, transport, construction and aviation sectors.<\/p>\n

Core earnings from the fuel business more than doubled from PHP416 million to PHP937 million due to better margins and sales mix.<\/p>\n

Revenues grew 2 percent as lower oil prices year-on-year were offset by higher sales volume.<\/p>\n

Last November, the company concluded its sale of its non-core businesses in shipping and industrial park operations to the Udenna Group, the effective parent and majority stockholder of the company, for total net proceeds of PHP3 billion.<\/p>\n

Proceeds of the sale were used to pay down debt, which improved the company\u2019s leverage, allowing room for further investments in its core business, including potential acquisitions.<\/p>\n

Phoenix Petroleum continues to expand its supply chain assets, with higher tank capacities at its Villanueva (Cagayan De Oro) and Subic terminals in 2016.<\/p>\n

This year, new depots in Tayud (Cebu) and General Santos are expected to be completed in the first and fourth quarters, respectively.<\/p>\n

Further expansion is also eyed for the Calaca (Batangas) terminal in the third quarter.<\/p>\n

Phoenix Petroleum is engaged in the nationwide trading and marketing of refined petroleum products and lubricants, operation of oil depots and storage facilities, hauling and into-plane services.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u2014Listed Phoenix Petroleum Philippines, Inc. on Wednesday said its profit surged 21 percent to PHP1.09 billion in 2016, after its …<\/p>\n","protected":false},"author":33,"featured_media":90748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[15613],"class_list":["post-90747","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-phoenix-petroleum","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/90747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=90747"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/90747\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/90748"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=90747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=90747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=90747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}