Shell pares Q3 loss

Shell Refining Company (Federation of Malaya) Bhd reduced its pre-tax loss in the third quarter ended September 30, 2009 to 18.259 million ringgit (US$5.40 million), from a 385.032 million ringgit (US$113.83 million) in the same period a year ago. After-tax loss dropped to 35.351 million ringgit (US$10.45 million) from 286.542 million (US$84.71 million) as revenue fell to 2.350 billion ringgit (US$694.75 million) from 3.230 billion ringgit (US$954.92 million).  Shell Refining Chairman Datuk Saw Choo Boon said the company posted an after-tax loss in the third quarter mainly due to the steep drop in refining margins, rising from weak product prices and low global demand. (November 12, 2009)