Manila Bulletin
Dennis Uy's Phoenix divests in Singapore firm
Phoenix Petroleum Philippines, Inc. has approved the divestment from its Singapore-based subsidiary, PNX Petroleum Singapore Pte. Ltd., through a share buyback.
This divestment aims to generate additional working capital for the company's core business operations as part of its Liability Management Exercise (LME).
Phoenix invested $12.6 million in PNX Petroleum Singapore Pte. Ltd. in 2019 to support its trading business.
From January to June 2023, the oil company incurred a net loss of P2 billion, a significant increase from the P62.11 million net loss recorded in the same period in 2022.
In the second quarter of 2023, Phoenix posted a net loss of P1.10 billion, a turnaround from the P201 million net income recorded in the same period last year.
Revenues in the first six months of 2023 plunged by 64 percent to P27.56 billion compared to last year's P76.19 billion.
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