Phoenix Petroleum Philippines Inc. registered a gross profit of P1.7 billion on revenues of P21.9 billion in the first quarter of the year, leading to earnings before interest, taxes, depreciation and amortization (EBITDA) of P503 million.
The company registered an operating income and net loss of P179 million and P215 million, respectively for the period.
“Compared to what has been reported by the industry, we generated an operating income and a positive EBITDA. Further, we are encouraged by positive results in April and May enough to suggest worst is behind us,” Henry Albert Fadullon, Phoenix Petroleum’s newly promoted president, said in a statement.
“Phoenix has not been spared from the challenges, but we are able navigate the downturn better due to our earlier investments in strategic, higher-margin and diversified businesses areas such as retail and liquified petroleum gas (LPG),” Fadullon said.
