Phoenix Petroleum Q1 revenues grows 122%

Independent oil refiner Phoenix Petroleum on Monday reported that its first-quarter revenue more than doubled on substantial growth in sales volume. In a disclosure to the Philippine Stock Exchange, Phoenix Petroleum said its revenues soared 122 percent to P6.1 billion from January to March as volume increased 97 percent. "The growth comes from the expansion of the independent oil company's retail network and increase in sales from its retail and commercial accounts," the company said. As of March, the company has added 17 more stores from 161 stores at the end of 2010. Of Phoenix Petroleum’s 178 stations, 135 are in Mindanao, six in Visayas, and 37 in Luzon. In 2010, the company improved its industry share to 2.5 percent from 1.21 percent. Phoenix Petroleum said it will be adding 80 stations this year. — CMA/PE/VS, GMA News