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Pilipinas Shell swings back to profit in Q1
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Metro Manila (CNN Philippines, May 14) Listed firm Pilipinas Shell Petroleum Corp. witnessed a strong rebound in the first three months of 2021 as it returned to profitability.
Net income reached ₱1 billion, a reversal from ₱5.5 billion losses a year earlier, the company said Friday.
Pilipinas Shell attributed its robust first-quarter performance to its new supply chain strategy, higher premium penetration across all segments and continued cash conservation measures. We are now seeing the positive results of the tough decisions we made that ensured our financial resiliency and competitiveness brought about by the COVID-19 pandemic, Pilipinas Shell President and CEO Cesar Romero said in a statement issued Friday.
BusinessWorld
May 14, 2021 | 7:00 pm
Listed Pilipinas Shell Petroleum Corp. posted a P1 billion net profit in the first quarter, a reversal of the P5.5 billion loss it incurred in the same period last year, even as sales volume remained low.
Pilipinas Shell in a statement attributed its P1 billion net income “to its new supply chain strategy, higher premium penetration across all segments and continued cash conservation measures.”
A regulatory filing showed Pilipinas Shell’s first quarter net sales fell by 17.5% to P39.92 billion year on year, as sales volume declined by 31% to 997.8 million liters.
The company said lubricants and bitumen sales are up by 12% and 27%, respectively, “supported by new customer wins and increase in economic activities in some industries.”