Metro Manila (CNN Philippines, August 14) — Listed Shell Pilipinas Corp. (SPC) is bullish about ending the year “strong” after it bounced back from its net loss in the first quarter.
In a statement over the weekend, the oil giant said its core earnings in the first half reached ₱1.4 billion, a recovery from a net loss in the January-March period, despite “challenging conditions brought about by volatility in oil prices and tripling of interest rates.”“We have built momentum and we will finish strong in 2023…,” SPC President and Chief Executive Officer Lorelie Quiambao-Osial said.The company attributed the rebound to its marketing business, with volume rising by 9%.Demand for premium fuel, lubricants, and bitumen products also “remain[s] high,” the firm said.Its non-fuel retail (NFR) also booked a double-digit growth of 14%.
