Shell posts Rs1.485bln loss

KARACHI: Shell Pakistan Limited registered a loss after tax of Rs1,485 million for the year ended December 31, 2019, a statement issued by the company said on Wednesday.

Announcing the financial results, the board of directors of Shell Pakistan said the company posted loss of Rs1,102 million during the same period of 2018. Oil industry felt the impact of some of the continued macroeconomic challenges faced by the country, primarily owing to the unprecedented devaluation of the rupee; declining fuel market; volatility in the international oil prices and increased minimum tax rates applicable, which has had a significant impact on Shell Pakistan’s financial results.