LISTED Phoenix Petroleum Philippines Inc. said on Friday its net income dropped to P111 million for the third quarter from P123 million net income on the same quarter of 2010.

The company attributed the drop in income to some supply disruption during the quarter brought about by the fire  in the refineries in Taiwan and in Singapore, and a number of typhoons that affected the region.

On a September year-to-date basis, Phoenix Petroleum said income grew by 61 percent to P416.7 million from P258.5 million in the same period last year.

The increase, according to Phoenix Petroleum, was driven by the 110-percent increase in revenues to P20.68 billion in the first three quarters of 2011 compared with P9.78 billion during the same period of 2010.

Phoenix Petroleum said the increase in revenue was due to the increase in volume by 72 percent year-on-year.

The growth came from the expansion of its retail network and increase in sales from its retail and commercial accounts.

As of September, Phoenix Petroleum has a network of 198 stations from 161 stations at the end of 2010. Of this number, 142 are in Mindanao, 8 in Visayas, and 48 in Luzon.

Raymond Zorrilla, Phoenix Petroleum Assistant Vice President for External Affairs, earlier told the BusinessMirror that they are targeting to open 20 more stations before the year-end.

“We plan to open at least 60 stations for the year to bring to a total of 220 stations all over the country,” he added.

Zorrilla said they have already opened a total of 40 stations to date, and they plan to have about 5 stations in Metro Manila.

(Paul Anthony A. Isla)