By Juzel L. Danganan
LAOAG, Ilocos Norte, Feb. 12 (PNA) –Revenues of Phoenix Petroleum Philippines fell to Php 34.7 billion in 2014, down 20 percent from Php 43.55 million the previous year, due to lower sales volume and oil price drop.
In a disclosure with the Philippine Stock Exchange (PSE) Thursday, Phoenix said it had “posted a revenue decline of 20 percent as a result of lower sales volume and selling price during the year”.
Its revenues came from sale of goods, charter fees, rent and storage income, port revenues and fuel service and other revenues.
Phoenix attributed the sales volume plunge of 18 percent from lower sales to distributors and wholesalers.
Further, the fall of oil prices moved its income to fall to Php 616 million in 2014 , about Php 49 million, or 7 percent, lower than the Php 665 million in 2013.
But the firm noted a slight improvement on sales from 1.5 percent in 2013 to 1.8 percent in 2014.
Another development is the fuel sale increase at 10 percent to its retail stations and the hike of Phoenix’s retail network.
As of December 2014, Phoenix Petroleum expanded its retail station network from 368 stations in 2013 to 418 stations in 2014, of which 221 are in Mindanao, 56 in Visayas, and 141 in Luzon.
Overall, Phoenix’s investments for retail, logistics and shipping, went up by 12 percent to Php 25 billion in 2014 from Php 22.4 billion in 2013.
For future projects, the company said it will continue to expand its logistics and infrastructure, citing the opening of its Mindoro storage facility.
Meanwhile, Phoenix Petroleum said the number of its tanker vessels have climbed to 11 in 2014.
It is engaged in business trading of refined petroleum products and lubricants, operation of oil depots and storage facilities, shipping – including logistics – and allied services.
It supplies more than 50 percent of Cebu Pacific’s jet fuel requirements, and handles the logistics needs of Mindanao and some areas in the Visayas. (PNA)