Shell books P7B income

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    Pilipinas Shell Petroleum Corp. (PSPC) booked an income of P4.4 billion in the first nine months of the year, down 39 percent from P7.2 billion last year, due to the low regional refining margin environment as revenues were flat at P162 billion.

    In a disclosure to the Philippine Stock Exchange, PSPC said despite a lower income, retail and commercial sales volume climbed 4 percent, an increment of 160 million litres, due to the efficiency and integration of its supply chain network.

    It said retail volumes also improved by 1 percent from a year ago, paired with a 27 percent high premium fuel penetration despite higher excise taxes, but did not provide the exact figures.

    “We are very pleased with Pilipinas Shell’s business delivery for the third quarter in the face of industry challenges and depressed regional refining margins. We assure all our stakeholders that we remain committed to maintaining safe and efficient operations to meet our customer expectations on quality products and services and close the year strong,” Cesar Romero, PSPC president and chief executive officer, said in a statement.

    By the end of the period, PSPC had 1,105 retail stations of which 46 are solar-powered, part of efforts to promote environment friendly operations and reduce its carbon footprint.

    Department of Energy data showed as of first half of 2019, PSPC had a market share of 17.93 percent.