KUALA LUMPUR (Nov 1): Shell Refining Company (Federation of Malaya) Bhd sank further into the red, reporting net losses of RM134.08 million in the third quarter ended Sept 30, 2011 compared with net loss of RM19.46 million a year ago.
It said on Tuesday the main attributing factors to the quarter's performance were weak refining margins and lower production due to the statutory major turnaround completed in July.
Its cost of sales was RM3.265 billion compared with RM2.675 billion a year ago. Revenue was however higher by 16% to RM3.069 billion against RM2.646 billion a year ago. Loss per share was 44.69 sen compared with 6.49 sen.
In the third quarter of 2011, the refinery processed 7.1 million barrels of crude oil and sold 8.5 million barrels of product.
Commenting on prospects for the current year, its chairman Anuar Taib said:
'Refining margins are expected to improve in Q4 2011 with possibly stronger mogas demand. However, we will continue to take every opportunity to optimise margins.'
For the nine-month period, its net loss was wider at RM26.25 million compared with net loss of RM7.63 million a year ago, mainly due to the losses in the third quarter. Revenue was slightly higher at RM7.889 billion compared with RM7.839 billion in the previous corresponding period.
It said on Tuesday the main attributing factors to the quarter's performance were weak refining margins and lower production due to the statutory major turnaround completed in July.
Its cost of sales was RM3.265 billion compared with RM2.675 billion a year ago. Revenue was however higher by 16% to RM3.069 billion against RM2.646 billion a year ago. Loss per share was 44.69 sen compared with 6.49 sen.
In the third quarter of 2011, the refinery processed 7.1 million barrels of crude oil and sold 8.5 million barrels of product.
Commenting on prospects for the current year, its chairman Anuar Taib said:
'Refining margins are expected to improve in Q4 2011 with possibly stronger mogas demand. However, we will continue to take every opportunity to optimise margins.'
For the nine-month period, its net loss was wider at RM26.25 million compared with net loss of RM7.63 million a year ago, mainly due to the losses in the third quarter. Revenue was slightly higher at RM7.889 billion compared with RM7.839 billion in the previous corresponding period.
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