News: Phoenix posts P122M in net profit -
04 May 2008
LISTED energy firm Phoenix Petroleum Philippines Inc. (PPPI) said its net profit in 2007 grew to P122 million from P74 million a year earlier as it registered a 59-percent jump in revenues to P2.4 billion.
In a report to the stock exchange, Phoenix said the revenue growth was driven by substantial increases in sales and distribution of petroleum products and income from fuel service and storage.
Sales on trading of petroleum products increased by 58 percent from P1.47 billion in 2006 to P 2.32 billion in 2007 resulting principally from a wider distribution network, introduction of new product lines for the Phoenix Lubricant products and expanded institutional customer base.
The number of operating Phoenix Fuels Life retail stations increased to 33 at the end of December 2007 from 2006. An additional 31 other stations were in various stages of completion as of end 2007.
Income from fuel service and lease of its storage facilities rose from P27 million in 2006 to P48 million in 2007 primarily due to higher volume storage activities.
Interest income from money-market placements also increased to P13 million in 2007 from P1 million in 2006 mainly due to higher amount of deposit placements following the issuance of new shares of stock through the parent firm’s IPO last July.
Phoenix earlier disclosed plans of creating a new subsidiary that will focus on the leasing and acquisition of real-estate properties for its utilization. The formation of PNX Realty Corp. has already been approved by its board and will be endorsed shortly to the stockholders.