MANILA - Phoenix Petroleum said Wednesday its net income reached P170 million in the first 9 months of the year from a net loss of P95 million in the same period last year.

It has also exceeded its pre-pandemic volume in the third quarter despite the imposition of strict mobility restrictions during the period, the company told the stock exchange.

"We are proud of the sustained growth in the third quarter. This is the product of the team's hard work for the past 18 months as we position the business stronger during the pandemic, and aim for growth as the economy emerges from it," Phoenix Petroleum president Henry Albert Fadullon said.

Overall volume year-to-date rose 33 percent compared to the previous year due to the growth of its B2B and overseas businesses, Phoenix Petroleum said. Domestic volume rose by 29 percent, LPG grew 35 percent while overseas volume rose 37 percent, it added.

Although retail business was set back in the third quarter due to strict restrictions in August and September, "momentum is expected to further pick up" in the fourth quarter as the government's vaccination drive continues to gain pace, it said.

As of the third quarter, Phoenix Petroleum said it has a total of 685 stations.

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