Business News
Shell reports sharp profit drop in first quarter
Apr 29, 2009, 7:30 GMT
London - Anglo-Dutch oil giant Royal Dutch Shell Wednesday reported a drop in profits of 58 per cent in the first quarter of 2009, due to the sharp decline in the oil price.
Profits for the first three months of 2009 fell to 3.3 billion dollars, a drop of 31 per cent compared with the previous quarter, the company said.
On Tuesday, rival oil firm BP said its first-quarter profits had fallen by 62 per cent from a year ago to 2.39 billion dollars.
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