Phoenix Petroleum Philippines, Inc. announced that its consolidated core net earnings as of the first quarter of 2010 grew by 167% to PhP70 million from PhP26.2 million in the same period in 2009.

Its sharp bottomline growth mirrored the 169% jump in consolidated sales from PhP1.02 billion to PhP2.75 billion as Phoenix sustained the momentum of its fuel sales volume surge from 2009.

The Company earlier disclosed a 110% increase in fuel volume sold for the initial quarter of this year from the same period in 2009. Sales to motorists that patronized its retail network contributed a little over 52% to this growth coming from a 125-station base as against 100 stations at the end of 2009’s first quarter. Sales to commercial and industrial customers in the meantime was 170% up versus 2009 with the airline segment making a substantial impact on volume.

Even as fuels mainly propelled its performance, the Company also grew its service revenues by approximately 76% coming from fuel storage and transport activities, as well as from increased port operations under its subsidiary Bacnotan Industrial Park Corporation (BIPC).

The Company expects to sustain its growth for the remainder of 2010 and is focused on achieving its targets especially in the retail fuels segment for which it is now building up its network to at least 160 stations by year-end.

At the same time preparations are underway to expand its storage infrastructure which will support its near-term retail and wholesale expansion in selected areas in the Visayas-Mindanao area.

Phoenix is in the process of negotiating additional long-term capital in the form of project financing and equity funding to fuel its projected growth. As part of its fund-raising efforts the Company intends to seek approval to double its authorized capital to PhP800 million during the annual shareholders meeting in June in order to accommodate prospective investors.

Phoenix Petroleum also recently disclosed its 2009 core net earnings of PhP178 million which was 18.5% higher than 2008’s PhP150 million. The Company also booked a one-time gain of PhP573 million in 2009 which represented the excess of the fair market value over its acquisition cost of BIPC in March 2009.

Phoenix Petroleum Philippines, Inc. is a leading domestic independent petroleum company engaged in the storage, hauling and distribution of petroleum products in the Philippine market through its national retail network and to institutional accounts.