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9M08 Performance
- Phoenix Petroleum Philippine, Inc.’s income decreased 15 percent to P80.3 million from the P94.5 million posted over the same period last year. Gross margins were squeezed as revenue grew by 128% and costs rose by 143%. The drop in income was due to increased purchase costs of petroleum products and to disproportionate movement of pump prices and purchase cost.
- PPPI’s revenues in the third quarter of 2008 grew 128 percent to P3.439 billion from last year’s P1.506 billion. The growth in revenue came from significant increases in sales volume of petroleum products and increase in revenues from fuels service and storage. Sales revenues from trading and distribution of petroleum products increased by132% from P1.464 billion in 2007 to P 3.391 billion in 2008 due to a wider distribution network and expanded institutional customer base. PPPI retail stations totaled 72 by the third quarter compared to 27 in September last year. Revenue from fuels service and lease of storage facilities grew from P38 million to P43 million due to higher volume stored and withdrawn.
- Recorded cost of sales of P 3,189 million, an increase of 143% from its 2007 level of P1,314 million primary due to the 46% increase in the sales volume of petroleum products and the effect of the increasing prices. Price in the world market for petroleum product was abnormally high in the second quarter and started to normalize only in the third quarter, resulting to higher cost of sales. Selling and administrative expenses grew due to increasing volume, ongoing expansion and growth of PPPI’s business operations, and the effect of inflation.
All amounts expressed in thousand, unless otherwise stated
Income Statement Data |
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Revenues |
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Cost of Sales |
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EBITDA |
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Net Income |
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Balance Sheet Data |
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Current Assets |
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Non-current Assets |
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Total Assets |
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Total Liabilities |
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Stockholders Equity |
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Cash Flow |
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Net Cash Flow from Operating Activities |
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Net Cash Provided by (Used in) Investing Activities |
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Net Cash Provided by (Used in) Financing Activities |
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Consolidated Project and Capital Expenditures |
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Financial Ratios |
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Current Ratio1 |
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Debt to Equity2 |
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Return on Equity3 |
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Return on Assets4 |
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Earnings Per Share6 |
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Net Book Value Per Share5 |
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Notes:
1 - Total current assets divided by current liabilities
2 - Total liabilities divided by tangible net worth
3 - Quarters Net income divided by average total stockholders’ equity
4 –Quarter Net income divided by average total assets
5 –Total stockholders equity divided by the total number of shares issued and outstanding
6 – Quarter Net income after tax divided by weighted average number of outstanding common shares
Download the SEC 17Q 2008 Third Quarter Performance
here.
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