Pilipinas Shell Petroleum Corp., the country’s second largest oil company, said Tuesday net income jumped 91 percent in the first nine months to P6.36 billion from P3.33 billion in the same period last year.
“This was driven mainly by higher marketing margins, lower cost of sales and lower operating costs. Inventory holding gain contributed P1.193 bullion as of year to date third quarter 2016,” Pilipinas Shell said in a disclosure to the stock exchange.
Pilipinas Shell’s income from operations also went up to P9.54 billion in January to September from P6.21 billion in the same period last year.
Net sales decreased 17.3 percent to P101 billion from P122 billion in the same period last year as a result of low global oil prices. Cost of sales dropped to P82.48 billion from P106.76 billion.
Sales volumes dropped 1 percent to 4.377 billion liters in the nine month period from 4.443 billion a year ago. Pilipinas Shell’s retail volume, however, grew 4.2 percent, driven by differentiated fuel offerings, successful marketing campaigns and contribution of new-to-industry sites.
