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Byline: Emilia Narni J. David
PHOENIX PETROLEUM Philippines, Inc. saw its 2011 full-year income grow by 19% from the year previous on the back of higher revenues from an expanded retail network, a statement released yesterday showed.
It said net earnings totalled P510 million in 2011 versus from P427 million in 2010.
Its consolidated revenues grew 86% to P27.47 billion in 2011 from P14.79 billion in the same period in 2010.
"A substantial portion of this growth was brought about by the 52% increase in fuel sales volume during the year plus the around 22% average increase in fuel selling prices compared to 2010 as a result of the company product …