Shell's downstream unit posts 10% drop in earnings at $1.17bn

01 August 2013 09:13  [Source: ICIS news]

SINGAPORE (ICIS)--Shell’s downstream business reported a 10% year-on-year drop in its current cost of supplies (CCS) earnings, excluding identified items, to $1.17bn (€878m) in the second quarter of this year, amid a dip in chemicals sales volumes, the Anglo-Dutch energy firm said on Thursday.

Identified items were a net charge of $365m, compared with a net gain of $64m for the second quarter 2012, the company said in a statement.

“Contributions from chemicals were lower as a result of the industry environment in Europe, as well as higher maintenance activity in North America and Europe, partly offset by Shell’s improved operating performance in Asia,” it said.

The downstream business’ chemicals sales volumes fell by 10% year on year to 4.21m tonnes  in the second quarter, partly weighed by higher maintenance activities and contract expirations.

Shell’s overall CCS earnings, excluding identified items, fell by 20% year on year to $4.6bn in the second quarter, while income attributable to shareholders was down by 57% at $1.74bn.

($1 = €0.75)

By: Nurluqman Suratman

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