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AFX Asia (Focus): Shell's Philippine unit says 2005 net profit nearly doubles to 5.7 bln pesos

Shell's Philippine unit says 2005 net profit nearly doubles to 5.7 bln pesos
AFX Asia (Focus); Apr 21, 2006

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MANILA (AFX) – Royal Dutch Shell PLC subsidiary Pilipinas Shell Petroleum Corp posted net profit of 5.7 bln pesos last year, almost double the 2.98 bln it reported for 2004 due to positive refining margins and higher export revenues.

“After many years of delivering returns which are below market performance, 2005 saw a return on equity of 10.3 pct with our 5.7-bln peso net income after tax,” Pilipinas Shell country chairman Edgardo Chua said in a statement.

The oil refiner said sales of lubricants and revenues from convenience stores in its service stations also contributed to the stronger profit.

Unlisted Pilipinas Shell said its return on equity from 1998 to 2004 has been estimated at an average of only 3.7 pct, and that the marked improvement in ROE last year indicates that the Philippine operations can deliver reasonable return to shareholders.

“This could also strengthen Shells confidence in further investments in the downstream Philippine oil industry, where it has been an active player since 1914,” Chua said.

(1 usd = 51.49 pesos)

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