02 May 2013 09:10 [Source: ICIS news]
SINGAPORE (ICIS)--Shell’s chemicals business generated $557m (€423m) earnings in the first quarter, up by 14% year on year despite lower sales volumes as realised margins improved, the Anglo-Dutch energy firm said on Thursday.
Sales volumes of chemicals in the first three months of 2013 were down 11% year on year to 4.14m tonnes, Shell said in a statement.
“Chemicals manufacturing plant availability decreased to 92% from 94% for the first quarter 2012, as a result of higher planned maintenance,” it said.
Shell’s downstream operations reported a 28% increase in earnings at current cost of supplies (CCS) to $1.69bn, it said.
“Compared with the first quarter 2012, downstream earnings excluding identified items benefited from higher realised refining margins, reflecting the industry environment and Shell’s operating performance, as well as increased contributions from trading and marketing,” the company said.
The global energy giant’s overall CCS earnings in the first quarter were up 4% year on year to $7.95bn, with income attributable to shareholders declining 6% to $8.18bn.
($1 = €0.76)
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