Volume also increased 23% year-on-year.
Net Income for the quarter reached Php 190.6 million with quarter EPS-Common at Php 0.36 per share. Gross Profit and Net Income to Sales increased 6.42% and 2.3% respectively.
The growth comes from the expansion of the independent oil company’s retail network and increase in sales from its retail and commercial/industrial accounts. Phoenix Petroleum has 240 retail stations as of March 2012 from 220 stations at the end of 2011. Of the 240 stations, 165 are in Mindanao, 12 in Visayas, and 63 in Luzon.
In 2011, Phoenix Petroleum grew its share of the oil industry from around 3.2% to almost 6% based on volume. It is the leading independent oil company in Mindanao.
Based on its 1st quarter performance, the company is confident of hitting its target of additional 100 stations for the year. This will bring the total number of retail stations of Phoenix to 320 all over the country.
Phoenix Petroleum Philippines is the fastest growing independent oil company today with an expanding network of operations nationwide. It is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots and storage facilities, and allied services.
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