Kuala Lumpur, 7 May 2007:
Shell Refining Company (Federation of Malaya) Berhad (“Shell Refining” or the “Company”) today announced an after-tax net profit of RM 137.4 million for the first quarter of 2007.
This financial result represents an increase of 200% compared to the net income after tax of RM 45.8 million recorded in the same quarter last year. This was mainly due to higher refining margins and to a lesser extent the stockholding gain of RM 91 million for Q1 2007 as compared to RM 79 million for Q1 2006.
Shell Refining Chairman, Saw Choo Boon, said: “Financial results are very satisfactory despite a challenging market environment. This is due to sustained excellent operational performance, healthy refining margins and stockholding gains – the Management and staff have done well.”
Refining margins are expected to be at a satisfactory level in the second quarter of 2007. Any changes in oil prices will have an impact on the Company’s financial results, given the stock accounting practice adopted by the Company. The refinery successfully processed 8.2 million barrels of crude oil and feedstock and sold 10 million barrels of products during the quarter. This was achieved in spite of the planned and unplanned shutdowns of its Crude Distiller and Long Residue Catalytic Cracking Unit (LRCCU) respectively. The Company’s continued strong focus on safety has allowed it to sustain zero Lost Time Injury (LTI) up to 31 March 2007, resulting in 6.7 million man-hours without any LTI since 21 May 2001.
Saw Choo Boon further added: “The Company will continue pursuing operational excellence, proactive margin improvement and cost effectiveness whilst maintaining a strong Health, Safety and Environment performance.”
Note to Editors:
Shell Refining Company (Federation of Malaya) Berhad was formed in 1960 as a public listed company. It currently has 49% public participation and 51% held by Shell Overseas Holding Limited. The Company operates with state-of-the-art technology and is the key petroleum products supplier to Shell's Oil Products businesses in Malaysia. The oil refinery at Port Dickson has a licensed production capacity of 156,000 barrels per day and produces a comprehensive range of petroleum products, some 90% of which are consumed within Malaysia.
ENQUIRIES:
Issued by Shell Malaysia Corporate Affairs. For more information, please contact Cindy Lopez at : cindy.lopez@shell.com, or call 012 282 1765, or 603 2091 3719. Shell Malaysia Trading Sdn Bhd (6087-M)
Bangunan Shell Kuala Lumpur
Changkat Semantan, Damansara Heights
50 490 Kuala Lumpur
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