Shell ... Dec10

SHELL - LOSSES FOR 3QE SEP 2010 NARROW TO RM19.5M
SHELL REFINING CO. reported that 3QE Sep 2010 Net Losses narrowed to RM19.5m, from a Net Loss of RM35.4m same quarter a year ago, mainly due to "....low refining margins and stockholding losses.....".
Revenue for 3QE Sep 2010 increased to RM2.65 bil, from the RM2.35bil Revenue same quarter a year ago, while LPS dropped to 6.49 sen from the previous 11.78 sen.

NET LOSS FOR 9ME SEP 2010
For 9ME Sep 2010, the Company recorded a Net Loss of RM7.6m, compared to the RM298.3m Net Profit for 9ME Sep 2009.
Revenue for 9ME Sep 2010 increased 20.8% to RM7.8m, from RM6.5m same nine months a year ago.

POOR PROSPECTS FOR THE YEAR AHEAD WITH LOW GLOBAL DEMAND
In 3QE Sep 2010, its refinery processed 9.4m tons of crude oil, and sold 10.0m barrels of product. It is on schedule to "....build a new 6,000 tonees per day diesel processing unit to vary its feedstock options, increase diesel production and improve refining margins....", Chairman ANUAR TAIB was quoted as stating in EXCHANGE filings.

However, the Company foresees its margins remaning poor for the remainder for the year, with the low global demand.

CASH & BANK BALANCES INCREASE, BORROWINGS UP
The Company's Cash & Bank Balances as at Sep 30, 2010 increased to RM424.0m from its Jan 1, 2010 balances of RM272.0m.
Trade & Other Payables as at Sep 30, 2010 dropped to RM38.1m from RM70.9m on Jan 1, 2010.