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Phoenix says earnings up by nearly half

Phoenix Petroleum surpasses its 2009 revenues in the first nine months of 2010
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Independent oil player Phoenix Petroleum Philippines, Inc. reported that its net income grew by nearly half in the January to September period of this year.

The company told the Philippine Stock Exchange that its  earnings of P258.5 million, a 45-percent increase over last year\\\'s were driven by higher fuel sales volume.

Of the total core net income for the first nine months of the year, P123.1 million were gained in the third quarter alone. [Read about the green initiatives of another petroleum company here]

The company also said it is looking to grow its share of the total fuels market from 1.2 percent last year to at least 2.4 percent in 2010 with the expansion of its retail network and increase in commercial accounts.

Phoenix Petroleum today has 153 retail stations across the country and is aiming for at least 160 stations by year-end. It has 119 stations in Mindanao, four in the Visayas, and 30 in Luzon. The company leads among independent oil players in Mindanao. [Learn how to prepare your business for typhoons here]

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