Pilipinas Shell posts 'significant' recovery in first 9 months with P3.4 billion net income

ABS-CBN News

Posted at Nov 12 2021 09:54 AM

MANILA - Pilipinas Shell Petroleum Corp on Friday posted a net income of P3.4 billion in the first 9 months of the year from the P13.9 billion loss in the same period last year.

This despite the strict mobility restrictions imposed in the third quarter, Shell said in a disclosure to the stock exchange.

"Our renewed strategy has been proven effective for our business to thrive amidst the resurgence of selected lockdowns in the country," Pilipinas Shell President and CEO Cesar Romero said.

"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," Romero added.

Pilipinas Shell said it launched its new "site of the future" mobility station to future-proof its business.

It said it is also leading the energy transition and is working on efforts to boost its low-carbon future.

Shell earlier announced the closure of its refinery in Batangas and the sale of its stake in the Malampaya gas field to the Dennis Uy-led Udenna Corp. 

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