Dennis Uy-led Phoenix Petroleum Philippines logged a net income of P170 million in the first nine months of 2021, reversing its P95-million loss a year ago.

Phoenix Petroleum said its revenues grew 81% year-on-year on the back of rising commodity prices and peso depreciation. It did not provide comparative figures.

“We are proud of the sustained growth in the third quarter. This is the product of the team’s hard work for the past 18 months as we position the business stronger during the pandemic, and aim for growth as the economy emerges from it,” said Phoenix Petroleum president and chief executive officer Henry Albert Fadullon.

Phoenix said its operating expenses were slashed by 29% due to “efficiency improvements,” resulting in a 78% higher operating income of P1.64 billion.

Liquidity has yet to return to optimal levels, but the company said it “continues to progress” in sorting out its debt. Uy earlier said some of Phoenix Petroleum’s assets could be up for sale to fund its maturing debts.

In terms of overall volume sold, the figure was 33% higher year-on-year, driven by sales in the business-to-business (B2B) segment and the overseas trading business.

Domestic volume, meanwhile, was up 29% from January to September, given the expanded sales in the B2B segment and demand for liquefied petroleum gas (LPG).

Its retail business, meanwhile, experienced setbacks in the third quarter. But Phoenix Petroleum said a favorable business environment is expected come fourth quarter as the economy reopens further.

“As quarantine restrictions are eased, and more economic activity is expected during the holidays, we are looking forward to capping off the year with an even more vigorous business performance,” he added. – Rappler.com