Connect with us

Hi, what are you looking for?

Economy

Phoenix reports 20% drop in local volume sales

DENNIS A. Uy-led Phoenix Petroleum Philippines, Inc. said on Wednesday that local volume sales slid by 20% last year, with fourth-quarter sales cushioning the fall.

In a press release, Phoenix said that its domestic volume sales from October to December rebounded by 32% quarter on quarter, which “eased the firm’s full-year decline.”

Local sales of liquefied petroleum gas (LPG) rose 32% year on year against industry contraction, with the Visayas and Mindanao businesses sustaining double-digit growth.

“The Luzon business is still coming off from a low base but continues to grow and expand its distribution network,” Phoenix said.

The company described domestic LPG as well-positioned to capture opportunities in underpenetrated retail and commercial markets, and change consumer behaviors post-pandemic.

Phoenix, which has operations in Singapore and Vietnam, also reported that its full-year overseas volume rose to more than double. It noted that overseas LPG volume sold through Phoenix Gas Vietnam almost tripled as the country was able to quickly recover from the pandemic.

Phoenix said that it closed with a P63-million net income for full-year 2020. The firm added that its net income in the fourth quarter stood at P158 million, reversing prior losses.

“It was a strong finish to a challenging year,” Phoenix President and Chief Executive Officer Henry Albert R. Fadullon was quoted as saying.

“For this year, while vaccine developments are encouraging, the resurgence of the virus and the new rounds of lockdown may continue to dampen overall consumer confidence and industrial and commercial activities,” he added.

Mr. Fadullon said that the firm plans to accelerate its growth by “sweating its existing assets” and keeping a sharp focus on cost discipline.

Last week, Phoenix said that it is looking to maximize the value of its non-core assets after its board gave the green light to unload certain assets to help manage the firm’s debts.

Shares of Phoenix Petroleum in the local bourse inched down 1.05% or 12 centavos to finish at P11.28 apiece on Wednesday. — Angelica Y. Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

By Jenina P. Ibañez, Reporter PHILIPPINE INDUSTRIES are struggling with higher import costs caused at least in part by global supply chain constraints amid...

Economy

ELECTRONICS EXPORTS growth this year could exceed the initial target if supply chain limitations are resolved, the industry group’s top official said. Semiconductor and...

Economy

CAR SALES in May increased by more than four times from the same month last year after coming off a low base. A joint...

Economy

A SECURITIES and Exchange Commission (SEC) panel revoked the license and slapped a P32-million fine on Venture Securities, Inc. (VSI) and key officers over...

Economy

Grid operator says department policy will not eliminate brownouts By Angelica Y. Yang, Reporter THE Department of Energy (DoE) told privately owned National Grid...

Economy

STREAMING your favorite hour-long television show is the environmental equivalent of boiling a kettle for six minutes or popping four bags of popcorn in...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!