Phoenix back to profitability

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    Phoenix Petroleum Philippines Inc. said it returned to profitability in the third quarter of the year with a net income of P296 million, following a net loss of P5 million in the previous quarter.

    The company said a 42-percent increase in total volume in the third quarter compared to the same period last year drove the growth as both overseas and domestic demand recovered.

    However, Phoenix Petroleum did not provide the overall financial standing of the company for the first nine months of the year.