Shell says first quarter adjusted profit up 49 percent

28th April 2010, Comments 0 comments

British energy giant Royal Dutch Shell said Wednesday its first quarter earnings rose sharply on the back of higher energy prices and an increase in output.

The company said its three months to March net profit, adjusted for the value of stocks of oil and gas, rose 49 percent from a year earlier to 4.9 billion dollars (3.7 billion euros) as sales soared 48 percent to 86.06 billion dollars.

Analysts had expected an adjusted net profit of 3.98 billion dollars, according to Dow Jones Newswires.

Ordinary net profit jumped 57 percent to 5.48 billion dollars.

Output rose six percent to 3.59 million barrels of oil equivalent per day, the company said.

Chief executive officer Peter Voser said the improved performance reflected higher prices and output.

"Our results have improved considerably compared with year-ago levels, and our profitability has increased from the low levels we saw in the fourth quarter 2009," Voser said in a statement.

"This has been driven by higher energy prices, operational and production

performance and Shell's growth programmes," he added in a statement.

© 2010 AFP

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