Pilipinas Shell profit down 19.7% in Q1

PILIPINAS Shell Petroleum Corp. saw its net income in the first quarter of the year drop 19.7 percent to P2.3 billion from P2.9 billion in the same period a year, dragged down by lower regional refining margins.

Net earnings in the first quarter “translates to an industry-leading return on capital of 27% on a trailing 12-month basis, demonstrating the company’s continuing prudent and effective utilization of shareholder capital,” Pilipinas Shell said in a disclosure to the stock exchange on Tuesday.