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Manila Bulletin devider Business devider Phoenix Petroleum returns to profitability in Q2

Phoenix Petroleum returns to profitability in Q2

Published Aug 11, 2022 03:53 pm

After a string of losses that stretched until January-March this year, Uy-led Phoenix Petroleum Philippines Inc. finally returned to profitability in the second quarter, posting a net income of P201 million, its highest since the strike of the coronavirus pandemic.

That was effectively a reversal of the P262.68 million net loss it posted in the first quarter this year and the net loss of P466.201 million it logged in entire 2021.

According to the oil company, it was able to “gradually recover from the loss in the first quarter,” mainly propelled by “gains from its overseas businesses and continued OPEX (operating expenses) discipline across the group.”

With the enforcement of fiscal discipline as well as buildup in margins, Phoenix Petroleum similarly reported that its earnings before interest, taxes, depreciation and amortization (EBITDA) had risen by 67-percent by quarter-on-quarter reckoning.

The company, nevertheless, cited drop in sales volume by a scale of 13-percent on a quarter-to-quarter comparison; and that had been triggered by “sustained increases in inventory costs and working capital limitations,” that in the process had dampened domestic fuel sales.

“Rising selling prices in LPG (liquefied petroleum gas), along with the overall uptick in inflation, have also softened household demand for the product,” the company stressed.

So far, the oil firm indicated that it would be able to continue benefitting from diversified portfolio of products and market-offers; while noting that “the weakness on the domestic front has been made up for by its overseas business, which accounted for about 69-percent of consolidated volume in the second quarter.”

Phoenix Petroleum President Henry Albert Fadullon narrated that “we had a difficult start this year, but we’ve gained some traction, and are seeing favorable results from our strategies.”

He emphasized that “improved margins and our sustained prudence are paying off, and we are in a better position to cultivate growth as the market further recovers.”

By far, the company specified that it is now “reaping the benefits of its long-standing commitment in streamlining operations and maximizing efficiency across the business as OPEX was lower by 10-percent quarter-on-quarter.”

The oil firm reiterated that as part of its pre-pandemic OPEX and capital expenditure (capex) rationalization programs, it is now advancing on its “resource management initiatives and operational improvements.”

Parallel to that, Phoenix Petroleum conveyed that it is also “developing a new supply model to navigate through the persistent volatility in the markets and foreign exchange,” although it has not exactly divulge yet that planned innovative business approach.

Onward, the company is raising hopes that the suite of services and its portfolio offers to consumers at retail stations as well as its integrated FamilyMart stores will continue to yield revenue stream as well as upturn in bottom lines in the quarters ahead.

Related Tags

#PHOENIX #INCOME #Q22022 #FUELSALES #OFFSHOREMARKETS
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