Friday 29 Mar 2024
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KUALA LUMPUR (May 18): Shell Refining Co (Federation of Malaya) Bhd — which was bleeding losses in the last four financial years — returned to the black in the first quarter ended March 31, 2015 (1QFY15), after it posted a net profit of RM84.23 million or 28.08 sen per share, from a net loss of RM44.08 million or 16.69 sen per share a year ago, thanks to improved refining margin.

Revenue during the quarter, however, fell 38% to RM2.48 billion, from RM3.99 billion in 1QFY14, which the group blamed on lower product prices, its filing to Bursa Malaysia showed today.

During the quarter, Shell Refining said it processed 9.5 million barrels of crude oil — a marginal 1% dip from 1QFY14.

As for its outlook, Shell Refining said the strong refining margin in 1QFY15 was positively influenced by the lag in product pricing adjusting to crude pricing levels, and delays in start-up and stabilisation of new refining capacity in the region.

“Refinery margins remain uncertain and will be influenced by international supply and demand for petroleum products, and seasonal and cyclical factors. Major maintenance turnaround is planned in 3QFY15 for approximately seven weeks,” the group said.

Shell Refining operates an oil refinery in Port Dickson, Negri Sembilan, which has a licensed production capacity of 156,000 barrels per day. The refinery produces a comprehensive range of petroleum products such as liquefied petroleum gas, propylene, gasoline, diesel and jet fuel, of which 90% of its products are consumed in the country.

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