PILIPINAS Shell Petroleum Corp. incurred a net loss of P3.36 billion in the third quarter, a turnaround from its P1.14-billion net income a year ago, as it recorded a jump in expenses during the period.
Based on data from the Philippine Stock Exchange, the energy company suffered losses during the quarter despite recording gross revenues of P78.43 billion, up 84.6% from P42.48 billion a year ago. Gross expenses surged to P81.82 billion, or more than double the P40.12 billion recorded in the same period last year.
For the three quarters through September, the company posted a net income of P4.41 billion, up 30.1% from P3.37 billion a year earlier.
In a press release on Monday, Pilipinas Shell said it “sustained its strong performance … despite challenges posed by rising inflation and depreciation of the Philippine peso against the US dollar.”
Lorelie Q. Osial, its president and chief executive officer, said the company’s strategy, drive, and agility enable it to remain resilient through challenges. “I am confident that we will finish the year with strong volume delivery with the progressive opening of the economy,” she said.
Pilipinas Shell also said it registered a 7% rise in year-to-date marketing volume, “consistent high premium fuel penetration, and disciplined cost management.” It said volume sales of commercial fuels rose by 16%, while lubricants and sustainable products increased by 8% and 39%, respectively.
Sales of aviation fuel climbed by 52%, “in step with the continued increase in consumer confidence to travel and the opening of international and domestic borders,” it added.
Shares in Pilipinas Shell slipped by 0.22% or P0.04 to close at P17.76 each.