Phoenix Petroleum Philippines Inc. expects better financial performance in the first quarter compared to the fourth quarter last year, a top executive said Friday.
“January was a slow start for the year, but we had very strong February, March results, such that our first quarter is looking much better than fourth quarter 2020. On a consolidated basis, we are doing much better and this is because of our overseas affiliates delivering very strong performance,” Phoenix Petroleum president Henry Albert Fadullon said during the company’s annual stockholders’ meeting.
He said the April financial performance was also close to pre-COVID levels. “I’m quite pleased with what we’re seeing in our April monthly performance. While the results are getting better and improving, your company continues to be confident, hopeful however cautious,” Fadullon said.
He said Phoenix would continue to be cautious in terms of deploying resources, particularly operating expenses and capital expenditures.