Pilipinas Shell Petroleum Corp. said Wednesday it booked a net loss of P13.9 billion in the first nine months, including P7.5 billion in one-off charges in the third quarter following the cessation of its manufacturing operations and conversion of Tabangao refinery into a world-class import facility in Batangas in August.
Pilipinas Shell said in a statement excluding one-off charges, the net loss amounted to P6.4 billion in the nine-month period, compared to the P4.4-billion net income in the same period last year.
The company’s net loss reached P700 million in the third quarter, a reversal of the P640.68-million net income a year ago.
Pilipinas Shell said it boosted efforts to maintain financial resilience amid the COVID-19 pandemic by posting savings of P2.5 billion by the end of the third quarter, exceeding its cash conservation target of P2 billion by yearend.