Phoenix H1 income down 7%
Phoenix Petroleum Philippines of businessman Dennis Uy reported a 7% drop in its first half earnings to P896.83 million amid a challenging environment.
Revenues climbed 27% to P51.2 billion on the back of a 28% jump in overall volume. Operating income grew 22% to P2.07 billion.
Retail volume expanded by 17% in the first half, driven by the continued expansion of its network and improved operating efficiencies. A total of 630 stations had been opened nationwide as of the end of June.
The non-fuel retail business increased revenues by 5% as total chain sales of FamilyMart increased 5% year-on-year. FamilyMart added five stores and had 76 stores as of the end of the first semester. Its focus on food sales and expense discipline continues to improve profitability.
LPG grew its first half volume by 24% year-on-year behind strong VisMin operations and expansion in Luzon. VisMin volume went up 16% in the first half and accounted for 87% of volume. Luzon volume surged 85% and contributed 13% to the total volume versus 4% prior to the acquisition and operation by Phoenix.