Pilipinas Shell Petroleum Corp. has logged P7.5 billion in one-off charges in the third quarter, following the closure of its Tabangao, Batangas refinery in August, the firm said in a disclosure to the local bourse on Friday.
Pilipinas Shell transformed the shuttered refinery into an import facility, which is now serving Luzon and northern Visayas.
The one-time charges brought the firm’s total net loss to P13.9 billion during the nine-month period ending September, reversing a net income of P4.37 billion a year ago.
Without the non-recurring item, the company’s normalized bottomline stood at a P6.4-billion net loss, around 4.5% higher than figure in the previous quarter.
Cesar G. Romero, Pilipinas Shell president and chief executive officer, expressed optimism that the relaxed quarantine restrictions would allow the economy to recover.
“The wins are coming in gradually as more businesses operate at increased capacity in the areas of manufacturing and transportation, to name a few,” he said in a statement.
In the third-quarter alone, Pilipinas Shell recorded a net loss of P7.13 billion, a departure from its net income of P640.68 million in the same three months last year.
The firm said it boosted its efforts to maintain financial resilience by posting savings of P2.5 billion by the end of the third quarter. The figure exceeds its P2-billion cash conservation target.
Shares in Pilipinas Shell inched down on Friday by 1.08% to close at P16.52 apiece. — Angelica Y. Yang
