The company said net earnings for 2012 increased to PHP 643.3m ($15.82m), up 16% from 2011.

Revenue was PHP 35bn, a rise of 27% year-on-year.

Chelsea added revenue of PHP 274m from the time of its acquisition in the middle of October.

Phoenix also said its sale of fuel to ships registered continuous growth through the year.

The group spent $34m on acquiring Chelsea and its 10-ship fleet last year.