Pilipinas Shell Petroleum Corp. booked a net income of P1 billion in the first three months of 2021, a strong rebound from the P5.5 billion loss recorded in the same period last year. In a disclosure to the local bourse, Pilipinas Shell attributed the significant profit turnaround to the company’s new supply chain strategy, higher premium penetration across all segments, and continued cash conservation measures. Cash flow of Pilipinas Shell from operations excluding movement in working capital was at P3.9 billion, while its borrowings remain at a manageable level. “Our first quarter performance indicates that we are taking the right steps to deal with the Covid-19 pandemic. He also said Pilipinas Shell is moving forward in making business more environmentally sustainable “by reducing carbon use in our operations, and partnering with our customers to reduce theirs.”

Source: Manila Times May 14, 2021 16:30 UTC