28 April 2010 07:47 [Source: ICIS news]
SINGAPORE (ICIS news)--Anglo-Dutch oil and gas major Shell said on Wednesday its chemicals business posted a first-quarter profit of $313m (€238m) based on current cost of supply (CCS), a reversal of the $74m loss incurred in the year-ago period partly due to higher margins and sales.
Chemicals sales volumes grew 11% year on year to $4.77bn during the three-month period, with manufacturing plant availability at 91%, Shell said.
The segment also had improvement in income from equity-accounted investments, the company said.
Shell's downstream CCS profit, meanwhile, declined 26% to $743m due to lower realised refining margins, the company said.
It said that industry refining margins had significantly declined, "reflecting reduced demand for refined products and lower plant utilisation due to planned and unplanned maintenance work".
Refinery availability was down to 89% in the March quarter from 92% in the first quarter of 2009, Shell said.
The company reported a 49% surge in overall CCS profit to $4.9bn, with revenue surging 48% to $86.06bn.
($1 = €0.76)
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