Pilipinas shell Q1 income hits P2.9B

Higher retail sales helped drive a 27-percent year-on-year jump in the net income of Pilipinas Shell Petroleum Corp. to P2.9 billion in the first quarter from P2.3 billion in the year-ago period.

The oil refiner sold P41.6 billion worth of products in the first three months of 2017, surging by one-third from P31.2 billion in the same period last year.

Pilipinas Shell said in a statement the growth was also due to wider adoption of its premium fuel, and strong performance from its refiner in Batangas.

Pilipinas Shell said retail fuel sales volumes grew by 2 percent versus the same quarter last year as a result of competitive marketing campaigns and contributions from new retail sites while sustaining growth from the company’s V-Power lineup of premium performance fuels.

Further, the company’s non-fuel retailing business grew in double digits while Shell Select—the convenience store business—and lube showed triple-digit growth.