The operational profitability of publicly-listed Phoenix Petroleum Philippines, Inc. climbed 18.5 percent to P178.1 million from last year’s P150.3 million, the company’s disclosure to the Philippine Stock Exchange (PSE) has indicated.

The company also noted that it logged an “extraordinary” one-time gain of P573.4 million last year mainly due to its acquisition of the Bacnotan Industrial Park Corporation in Luzon.

“The one-time gain reflects the purchase of BIPC below its fair market value based on an independent appraisal which is required under prevailing accounting rules on business acquisitions,” the oil firm stressed.

If taken on aggregate basis, Phoenix Petroleum noted that its consolidated net income inched up by as much as 49.2 percent to P573.4 million. Of course, after factoring in the one-time acquisition gain.

Revenue-wise, the company reported an increase of 27.3 percent to P5.87 billion from the previous year’s P4.62 billion. “A substantial portion of this growth was brought about by the 81% increase in fuel sales volume during the year which offset the 40% average decrease in fuel selling prices from 2008,” Phoenix Petroleum has explained.

It added that the drop in prices helped shore up sales revenues; after the industry was pummeled by all-time peak prices, especially during second quarter of 2008. That was the period then when global prices hit an all-time high of $147 per barrel.