Shell struggles in Q3 amid volatility in energy markets
By Roland Jackson, AFP
November 2, 2012, 12:27 am TWN
LONDON--Energy giant Royal Dutch Shell reported on Thursday a 2-percent rise in net profit to US$7.139 billion (5.514 billion euros) in the third quarter, saying it had faced “volatile energy markets.”
Shell added in a results statement that adjusted net profit, a key measure stripping out changes in the value of inventories and other non-operating items, fell by 6 percent to US$6.56 billion in the three months to September from the equivalent figure last year.
However, that beat market expectations for profit of US$6.31 billion, according to analysts polled by Dow Jones Newswires.
Group revenues meanwhile declined by 8.4 percent to US$115.43 billion in the reporting period.
“Shell is driving a long-term and consistent strategy, against a backdrop of volatile energy markets,” said Chief Executive Peter Voser in the earnings release.