Shell posts 53% second-quarter net profit dropJuly 26, 2012 - 13:36 AMT PanARMENIAN.Net - Energy giant Royal Dutch Shell said Thursday, July 26 that second-quarter net profits tumbled 53 percent to $4.063 billion on the back of sliding world oil prices and slack demand, AFP reported. Adjusted net profits, stripping out movements in the value of inventories and other non-operating items, slid almost 13 percent to $5.72 billion in the second quarter or three months to the end of June. That compared with $6.55 billion in the same period of last year and undershot market expectations of $6.46 billion, according to analysts polled by Dow Jones Newswires. Total oil and gas production rose 1.9 percent to 3.103 million barrels of oil equivalent per day, aided by giant projects in Canada and Qatar. However, analysts had predicted a 4.0-percent increase. "Our industry continues to see significant energy price volatility as a result of economic and political developments," said Chief Executive Peter Voser in the results statement. He added: "We are moving forward in volatile times. Our profits have fallen with energy prices." Group revenues meanwhile dipped to $119.89 billion in the quarter, compared with $124.56 billion last time around. Rival energy giant BP was meanwhile scheduled to unveil its latest quarterly results on July 31. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. EU welcomes Armenia-Azerbaijan “progress” The EU has welcomed “progress” made in the framework of the Armenia-Azerbaijan border delimitation process. Belarus opposition leader slams Lukashenko for Karabakh trip Belarusian opposition politician Sviatlana Tsikhanouskaya has harshly criticized the visit of Lukashenko to Karabakh. Mkhitaryan raises arrest of former Karabakh leaders in Azerbaijan Inter Milan star Henrikh Mkhitaryan has shared a news story about the extension of the arrest of former Karabakh leaders. |