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Tuesday, February 27, 2024

Shell  turns around, posts P3.4-billion profit

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Pilipinas Shell Petroleum Corp., the country’s second biggest oil company, hiked its net income to P3.4 billion in the first nine months of 2021, a turnaround from a P13.9-billion loss in the same period last year.

The company booked the recovery despite the mobility slowdown resulting from the two-week Enhanced Community Quarantine implemented in the national capital region and select provinces in August, and the succeeding Alert 4 restriction.

The company posted a net income of P1.14 billion in the third quarter, reversing the loss of P7.13 billion year-on-year.

“Our renewed strategy has been proven effective for our business to thrive amidst the resurgence of selected lockdowns in the country. We are continuously growing our capacity for the remainder of 2021, to prepare for the near and medium-term demand pick-up as active new COVID cases decline, vaccination programs accelerate, and travel restrictions ease,” said Pilipinas Shell president and chief executive officer Cesar Romero in a statement. 

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