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Asia Pulse: MALAYSIA’S SHELL REFINING BOOKS 58.2% LIFT IN H1 PROFIT ON HIGHER MARGINS

Published: Aug 15, 2007

KUALA LUMPUR, Aug 15 Asia Pulse – Shell Refining Company (Federation of Malaya) Berhad (KLSE:4324) has posted first half pre-tax profit of RM422.490 million (US$121.6 million), up 58.2 per cent from RM266.978 million a year earlier as its refining margins widened in the second quarter.

However, revenue for the six months ended 30 June 2007 fell to RM5,075.767 million from RM5,381.067 million a year earlier, it said in a filing to Bursa Malaysia on May 13.

Shell Refining’s earnings per share rose to 101.92 sen from 63.88 sen previously.

It booked net profit of RM168.3 million for the second quarter of 2007, up 15 per cent from a year earlier.

Shell said this was mainly due to higher refining margins and to a lesser extent the stockholding gain of RM 40 million for Q2 2007.

Shell Refining chairman Saw Choo Boon said: “Our earnings for the quarter are satisfactory. This financial performance was mainly due to the combined strengths of our refining margins and continued strong operational performance the Management and staff have done well.”

The Board has declared an interim dividend of 20 sen per unit of share of RM1.00 each, less 27 per cent Malaysian Income Tax in respect of the financial year ending December 31, 2007 payable on September 21 2007.

Saw said the refinery successfully processed 9.7 million barrels of crude oil and feedstock and sold 10.5 million barrels of products during the second quarter.

This was achieved in spite of slowdowns from the spillover effect from shutdowns of its crude distiller.

The company’s continued strong focus on safety has allowed it to sustain zero Lost Time Injury (LTI) up to 30 June 2007, resulting in 7.2 million man-hours without any LTI since 21 May 2001, he said.

Saw added: “Any change in oil prices will impact the company’s financial results, given the stock accounting practices adopted by the company.”

“Nevertheless, Shell Refining will continue to pursue operational excellence, proactive margin improvement and cost effectiveness, whilst maintaining a strong health, safety and environment performance.”

ASIA PULSE

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