Pilipinas Shell said the six-month results were affected by the refinery preventive maintenance shutdown in the last two months of the second quarter and lower inventory holding gains from softer global oil prices. Pilipinas Shell said in the second quarter alone, net income declined to P1.298 billion from P2.798 billion a year ago, despite the growth in revenues to P40 billion from P35 billion. Pilipinas Shell said the non-fuel retailing business also grew from last year, with convenience retailing showing double-digit growth compared to prior quarter. The company opened 20 Shell Select stores and 9 new Deli2Go shops in the first half including its first stand-alone Deli2Go outlet. “Sustainability underpins our growth as a company,” said Pilipinas Shell president and chief executive Cesar Romero.

Source: The Standard August 15, 2017 12:00 UTC