Inquirer
Phoenix losses swell to P3.68B
Phoenix Petroleum Philippines Inc. reported a widened net loss of P3.688 billion for the January-September period of 2023, a significant increase from the P1.0 billion loss in the same period last year.
The company's net loss before tax reached P4.107 billion, a sharp rise from P1.527 billion in the previous year, and its operating income turned into an operating loss of P1.182 billion.
Despite these financial challenges, Phoenix Petroleum stated that it is observing positive signs of recovery due to its various business segments, including LPG, terminaling services, and asphalt.
Specifically, the company's LPG business saw a 57% surge in earnings before interest, taxes, depreciation, and amortization (EBITDA) in the third quarter, surpassing its 2022 performance.
Phoenix Petroleum President Henry Albert Fadullon attributed the third quarter improvement to the team's resilience, hard work, and discipline amidst the year's difficulties.
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