Phoenix Petroleum Philippines Inc. booked a P215-million net loss in the first quarter of the year compared to the P415 million net income in the same period in 2019 due to the effects of the pandemic.
Phoenix Petroleum said volatility in oil markets driven by geopolitical tensions significantly challenged the industry at the start of the year.
This was compounded by the new coronavirus disease 2019 (COVID-19) pandemic as revenues also decreased by 9 percent to P21.9 billion from 24.1 billion.
“We were not spared but we were able to navigate the downturn better because of our earlier investments in strategic, higher margin areas such as retail and LPG. Our portfolio today is more diversified with LPG particularly thriving in this pandemic. From a non-essential item in the kitchen, LPG became an essential household product, especially during the enhanced community quarantine,” said Dennis Uy, Phoenix Petroleum chairman.
LPG sales volume for the period surged 39 percent with a double-digit growth in the Visayas and in Mindanao market coupled with a sustained expansion in Luzon where retail volume improved by 9 percent which cushioned the slowdown in the commercial sales segment.
