PILIPINAS Shell Petroleum Corp. sustained a net loss of P13.9 billion in the first nine months of 2020 following the closure of its refinery in Tabangao, Batangas. Following this development, Pilipinas Shell booked P7.5 billion of one-off charges in the third quarter of the year. Discounting the P5.7 billion in inventory valuation losses, Pilipinas Shell said its core net loss improved at P700 million for the third quarter from P900 million in the second quarter. To date, Pilipinas Shell has expanded its retail network to 1,135 sites nationwide. Pilipinas Shell shares fell by 0.48 percent to close at P16.70 each on Wednesday.

Source: Manila Times November 12, 2020 16:15 UTC