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Phoenix Petroleum reports surge in revenues

Davao-based independent oil player seeks bigger market share this year
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Davao-based independent oil player Phoenix Petroleum on Tuesday disclosed that revenues in the year\\\'s first six months nearly tripled on higher  fuel sales.

Phoenix Petroleum told the Philippine Stock Exchange that its revenues in January to June improved 177 percent from P2.218 billion to P6.138 billion as fuel sales increased 126 percent.

"...The company is optimistic that its share of the total fuels market can be grown from 1.2 percent last year to at least two percent in 2010," Phoenix Petroleum said.

At the company\\\'s stockholders meeting on Tuesday, Phoenix Petroleum declared a cash dividend of P0.05 per share, with record date of July 15 and ex-date July 12, and a 40-percent stock dividend, with record date to be announced later.

As of late trading at the stock market, Phoenix Petroleum shares were unchanged at P7 each.

In 2009, Phoenix Petroleum reported that its bottomline jumped 167 percent to P70 million.

Reports earlier said Phoenix Petroleum may spend P500 million this year to put up more gas stations and expand its distribution network.

The company was originally called Phoenix Fuels Life and opened its first gas station in Lanang, Davao City in July 2005.

Presently, Phoenix Petroleum has 133 retail stations across the country and is aiming  to open more stations and end the year with  150 outlets.


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