Shell surprises with good results

28th April 2005, Comments 0 comments

28 April 2005, AMSTERDAM — Anglo-Dutch energy giant Royal Dutch Shell has surprised analysts by posting a 28 percent jump in profits for the first quarter of the year compared to the same period in 2004.

28 April 2005

AMSTERDAM — Anglo-Dutch energy giant Royal Dutch Shell has surprised analysts by posting a 28 percent jump in profits for the first quarter of the year compared to the same period in 2004.

Shell, Europe's second largest oil company, said its net income increased to USD 5.55 billion (EUR 4.3 billion) from USD 4.33 billion a year earlier, excluding gains from holding oil inventories, news wire Bloomberg reported. Analysts had expected profit of USD 4.7 billion.

Sales rose 26 percent to USD 72.16 billion as Shell benefited from rising oil prices in the first three months of this year. Its gas and electricity and chemical divisions also performed strongly.

Chief executive Jeroen van der Veer said the merger of the firm's twin boards — first announced last year — is on track.

The merger is designed to rebuild investor confidence and trust after the company was forced to downgrade its estimate of proven oil reserves last year.

The scandal cost several executives, including former chairman Sir Philip Watts, their jobs.

[Copyright Expatica News + ANP 2005]

Subject: Dutch news

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