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Malaysia Star: Shell Refining posts record first quarter net profit

Malaysia Star: Shell Refining posts record first quarter net profit

19 May 2005

SHELL Refining Company (Federation of Malaya) Bhd reported a record net profit of RM195.4mil in the first quarter ended March 31, up 60% from RM122.5mil in the same quarter last year.

Turnover rose to RM2.25bil for the quarter under review from RM1.53bil a year earlier.

Pre-tax profit was significantly higher at RM216.8mil in the first quarter, against RM137.2mil in the previous corresponding period.

Earnings per share improved to 65.13 sen from 40.82 sen a year ago.

A special interim dividend of 10 sen per share was declared. The company had benefited from an after-tax shareholding gain of RM138mil due to the overall increase in crude oil and product prices experienced during the first quarter of this year.

Shell Refining chairman Datuk Jon Chadwick said in a statement yesterday “financial results are again pleasing.”

“For the fifth consecutive quarter, we have delivered a record level of profitability. This is due to sustained excellent operational performance, healthy refining margins and stockholding gains – our staff have done well.”

He stressed that the special interim dividend declared was a “one-off special” directly linked to the company’s strong cash generation and performance in the first quarter of this year.

The refinery processed 9.8 million barrels of crude oil and feedstock and sold 11.2 million barrels of products during the quarter compared with 9.2 million barrels of crude oil and feedstock processed and 9.9 million barrels of products sold in the first quarter of 2004.

On the current year’s prospects, Chadwick said: “It is expected that the current healthy refining margin situation would continue to hold in the coming quarters. However, any weakening in oil prices may have a negative impact on Shell Refining’s financial results given the company’s stock accounting practices.”

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