Overseas LPG recovered strongly from a weak second quarter, with volume rising 16 percent quarter-on-quarter and growing 3 percent year-to-date. READ:
global oil markets, recessionary concerns amid record high inflation, peso depreciation, monetary tightening, and muted demand.
Its liquefied petroleum gas business, which grew 11 percent quarter-on-quarter, remained a bright spot in the portfolio. Domestic LPG volume grew 9 percent in the third quarter from a year ago and 8 percent from the previous quarter. Phoenix said both businesses benefitted from robust underlying demand in the Philippines and Vietnam, adequately supported by working capital.Domestic fuel volume was sharply lower in the third quarter, which resulted in the year-to-date EBITDA at 32 percent lower at P1.8 billion year-on-year.
The company expanded its network through a capital-light strategy despite the difficult business backdrop.
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