Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

Shell Pilipinas incurs net loss as oil prices decline 

SHELL Pilipinas Corp. recorded an attributable net loss of P310.24 million in the first quarter, turning around from a net income of P3.53 billion a year ago, amid the decline of oil prices.

In a regulatory filing on Wednesday, Shell Pilipinas said it would continue to pursue its growth target despite “various challenges” such as the volatility of oil prices and higher interest rates.

In the first quarter, the company recorded core earnings of P800 million, 45% higher year on year, which was driven by strong marketing delivery, while sales volume went up by 8%.

“We create value for all our shareholders by growing our reach and impact, profitably. Guided by our Powering Progress strategy, we sustain our momentum of recovery quarter by quarter,” said Lorelie Q. Osial, president and chief executive officer of Shell Pilipinas.

Shell Pilipinas said that for its mobility business, it achieved volume growth of 8%. For the first quarter, it said seven of its mobility stations became operational.

Kit Arvin M. Bermudez, vice president for supply and distribution, said the company had reduced more than 90% of its carbon emissions from operations as of end-2022.

Mr. Bermudez said the company targets to further reduce its carbon emissions through partnerships and sustainable business ventures.

“We continue to invest and grow in the country as an energy user, provider, and partner in energy transition. We are here to assure and ensure that we will be providing more and cleaner energy solutions to meet the ever-evolving needs of Filipinos today and in the future,” Ms. Osial said.

At the local bourse on Wednesday, shares in the company shed 62 centavos or 3.66% to end at P16.32 apiece. — Ashley Erika O. Jose

You May Also Like

Editor's Pick

THE BOARD of directors of Ayala-led ACEN Corp. has approved the availing of credit facilities amounting to about P7.8 billion from two financial institutions....

Editor's Pick

STOCK PHOTO Image by StockSnap from Pixabay HYDERABAD – When Saloni Singh was little, she would beg then brawl with her brother for a turn on...

Editor's Pick

HOLCIM PHILIPPINES FACEBOOK PAGE LOCAL cement manufacturer Holcim Philippines, Inc. has partnered with South Korean cement and concrete producer Sungshin Cement Co. Ltd. to...

Editor's Pick

The Philippine economy grew by 6.4% in the first quarter, the slowest growth in two years. — PHILIPPINE STAR/ MICHAEL VARCAS By Luisa Maria...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Secrets Of Richdads. All Rights Reserved.