PILIPINAS Shell Petroleum Corp. has posted a core net income of P0.4 billion by the end of 2020, a strong rebound from year-to-date third quarter P0.7 billion core net loss. Full year reported net loss stands at P16.2 billion, of which 73 percent or P12 billion are one-off charges related to the cessation and transformation of its refinery in Tabangao into a world-class import facility, while P4.8 billion is due to the drastic decline in crude prices.
Pilipinas Shell was also able to sustain its balance sheet strength despite the pandemic, as it reduced its gearing from 47 percent in the third quarter to 41 percent by the year end supported by its positive cash flow from operations.
Pilipinas Shell ended 2020 with total volume of 5.1 billion liters, 13 percent below last year’s pre-pandemic level. (PR)