Shell net drops to P2.1B

SHELL Pilipinas Corp. on Tuesday said that January to September net income had dropped to P2.10 billion from P4.41 billion following a decline in global oil prices.

Net sales were also said to have decreased by 10.8 percent to P190.26 billion from P213.25 billion due to lower pump prices.

Selling, general, and administrative expenses rose by 5.1 percent to P12.06 billion from P11.48 billion as a result of increased spending on outside services, logistics and transshipment costs, and documentary stamp taxes related to borrowings.

The firm said it was planning to open an import terminal with a capacity of 60 million liters in Cebu. This will cater to its mobility stations and improve the delivery capabilities of its mobility and commercial businesses.

“We will continue to invest in our supply chain, innovate and expand our product offerings, and partner with stakeholders to move the Philippines forward, “Shell Pilipinas President and CEO Lorelie Quiambao Osial said.

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Shell Pilipinas shares were unchanged at P12.80 on Tuesday.