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Business Times (Malaysia): Shell Refining Q1 profit falls 69pc

May 18th, 2006
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Shell Refining Q1 profit falls 69pc
Business Times (Malaysia); May 18, 2006

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SHELL Refining Company (Federation of Malaya) Bhd saw its net profit fall 69 per cent to RM46 million for the first quarter of 2006, on lower realised refining margins, higher effective tax rate and reduced stockholding gains.

A higher tax rate was applicable in the first three months of 2006 due to full utilisation of the reinvestment allowance by end of the quarter.

For the first quarter of 2006, there was also an after-tax shareholding gain of RM57 million, compared with a gain of RM138 million in the first quarter of 2005.

“Financial results are satisfactory despite a challenging market environment. This is the eleventh successive quarter in which the company has posted a profit, despite lower refining margins,” Shell Refining chairman Datuk Jon Chadwick said in a statement.

He said the board of directors has declared a special interim dividend of 20 sen per share.

“This is the third consecutive 20 sen special interim. We plan to make between four and eight such dividend payments,” Chadwick said.

Refining margins are expected to remain under pressure in the second quarter of 2006. The statement said any weakening in crude and product prices may have a negative impact on the company''s financial results, given the stock accounting practices adopted by the company.

The refinery processed 9.8 million barrels of crude oil and feedstock and sold 10.2 million barrels of products during the quarter.

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