Shell books P14B losses

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    Pilipinas Shell Petroleum Corp. (PSPC) booked a net loss of P13.9 billion in the first three quarters of the year from a P4.4-billion net income a year ago, attributed mainly due to one-off charges involved in the shutdown of its refinery in Batangas.

    PSPC said excluding one-off charges relating to the Tabangao transformation, net loss for the period would only be at P6.4 billion.

    The company posted savings of P2.5 billion by the end of the third quarter, exceeding its cash conservation target of P2 billion by yearend. Savings of P1.2 billion were generated from operating expenses and P1.3 billion were from capital expenditures.