Flying V spending P1B next year, to open 66 new stations

Business World

INDEPENDENT OIL company Flying V is projecting revenues to hit P15 billion at the end of the year and has set capital expenditures at P1 billion for 2011 to finance expansion.

The projected revenue for 2010 will be nearly 80% higher than last year’s P8.4 billion, based on the financial report of TWA, Inc., owner of Flying V. The firm earned P25 million in 2009.

In a statement, Flying V said 2011 will see an "aggressive" expansion phase.

"With an existing number of 235 stations all over the archipelago, 66 more stations shall be added to its roster by the second quarter of 2011," the oil company said in the statement.

The company said next year’s P1-billion budget will come from equity investments and internally generated funds. Sixty-five of the expenditures will be earmarked for the expansion of retail stations.

"It is envisioned that by end of 2011 about 387 stations will be thriving all over the country -- [new stations will be] in the areas of the Visayas and Mindanao as well as [northeastern] Luzon," the company said.

Flying V said it will "strengthen its logistics infrastructure, increase the capacity of its five existing depots and construct an additional three depots in key areas."