Phoenix Petroleum Philippines said Monday it deferred the declaration of dividends for the fourth quarter to preserve resources to improve operations and ensure the long-term sustainability of the business.
Phoenix said in a disclosure to the stock exchange the move, recommended by the management, involved dividends of PNX4 preferred shares.
“Notwithstanding, we maintain our commitment to our accountabilities and stakeholders and will provide the necessary updates as soon as available,” the company said.
Phoenix previously said it was in talks with creditors and lenders but maintains “business-as-usual” operations.
It reached a settlement with Lucio Tan-owned Absolut Distillers Inc. and Asian Alcohol Corp. for debt of about P157 million.
The debt involves payment for bioethanol products supplied by Absolut from its bioethanol plant in Lian, Batangas and Asian Alcohol’s bioethanol plant in Negros Occidental.
Phoenix suffered a net loss of P1 billion in the first nine months, a reversal of the P170-million profit in the same period last year.
Gross revenues reached P99 billion, down from P102.6 billion in the same period last year, while expenses also declined to P99.2 billion from P100.99 billion.
The group committed P207.4 million as of end September for the expansion on the petroleum retail network, depot, terminaling and logistics facilities, information technology infrastructure and other major expansions related to its business development.
Phoenix is engaged in the nationwide trading and marketing of refined petroleum products, including LPG and lubricants, operation of oil depots and storage facilities; hauling and into-plane services; convenience store retailing; and trading and supply.