Phoenix Petroleum pares down losses in Q2

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    Phoenix Petroleum said earnings before interest, tax, depreciation and amortization amounted to P1.22 billion in the first semester, driven by a 43 percent quarter-on-quarter growth in volume led by the overseas business, particularly by liquefied petroleum gas (LPG), improved overall margins and significant cost actions in the second quarter.

    The company reported it reduced its net loss to P5 million in the second quarter, from a net loss of P386 million in the first quarter of the year. Total net loss for the first half of the year was at P391 million, against last year’s net income of P896 million for the same period.

    The company said with the sharp year-on-year decline in oil prices, which was recognized across the entire fuel industry, revenues in the first semester dropped 30 percent to P36.6 billion from P51.2 billion.

    LPG outperformed the rest of the business and emerged as an essential product for households, as individuals and families stayed and prepared meals at home during the lockdown, Phoenix Petroleum said.