25 October 2007 09:23 [Source: ICIS news]
MUMBAI (ICIS news)--Shell reported a 7.5% year-on-year rise in its third-quarter chemicals earnings, reflecting improved margins but partly offset by a reduced trading contribution, it said on Thursday.
The Anglo-Dutch major’s earnings after adjustments for the current cost of supplies (CCS) for the chemicals segment increased to $360m in the third quarter, from $335m in the same period a year ago, it said in a statement.
Third-quarter chemicals earnings included a net income of $18m, reflecting a gain related to a tax rate change in Germany, which was partly offset by a one-time pension liability impact, Shell added.
Sales volumes for the chemicals division rose 1% to 5.7m tonnes in the third quarter, it said.
The segment’s CCS earnings for the first nine months of 2007 surged 62% to $1.3bn.
"Chemicals manufacturing plant availability increased to 94%, some 6% higher than in the third quarter [of] 2006, which was impacted by a heavy planned maintenance programme in the US and Europe," it added.
"We continue to rejuvenate our portfolio with sustained investment in new legacy assets and through disposals," Shell CEO Jeroen van der Veer said.
At group level, Shell’s third-quarter CCS earnings fell 8% to $6.4bn.
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