Phoenix rebounds from Q1 net loss, turns in profit in Q2
MANILA, Philippines — Homegrown oil company Phoenix Petroleum Philippines Inc. returned to profitability in the second quarter this year after incurring a net loss in the first three months.© STAR/FilePhoenix rebounds from Q1 net loss, turns in profit in Q2
In a statement, Phoenix said its net income during the April to June period reached P201 million, up 52 percent year-on-year and its highest since the onset of the pandemic.Mind Secrets That The “1%” Don’t Want You To KnowAdOneStayStrong
The company was coming from a first quarter net loss of P262.68 million.
“We are glad to emerge from the second quarter stronger and are more determined to stay on the path to recovery. With the economy opening up, we are focused on improved inventory strategies and continued cost discipline to sustain our upward momentum,” Phoenix president Henry Albert Fadullon said.
Phoenix said it continues to benefit from its diversified portfolio of offers and markets.
Its overseas business, which accounted for 79 percent of consolidated volume in the second quarter, made up for the weakness on the domestic front due to sustained increases in inventory costs and working limitations.
Higher selling prices of LPG, along with the overall uptick in inflation, have also softened household demand for the product.
“We had a difficult start this year, but we’ve gained some traction, and are seeing favorable results from our strategies. Improved margins and our sustained prudence are paying off, and we are in a better position to cultivate growth as the market further recovers,” Fadullon said.
As part of its pre-pandemic operating and capital expenses rationalization programs, Phoenix continued to advance resource management initiatives and operational improvements.
The company is also developing a new supply model to navigate through the persistent volatility in the markets and foreign exchange.
Phoenix has added new retail stations and FamilyMart stores to its network during the quarter. These include two new stations located in Pasig, and another in Makati.