31 October 2013 09:39 [Source: ICIS news]
SINGAPORE (ICIS)--Shell’s downstream operations recorded a 43% year-on-year slump in third-quarter earnings at current cost of supplies (CCS) to $906m (€661m), with sales volumes of chemicals dipping 2%, the Anglo-Dutch energy giant said on Thursday.
The company sold a total of 4.62m tonnes of chemicals during the three-month period ending September 2013, compared with 4.70m tonnes sold in the same period last year, Shell said in a statement.
“Chemicals sales volumes decreased … mainly as a result of an accounting policy change and contract expirations, partly offset by higher trading volumes,” the company said.
“Chemicals manufacturing plant availability increased to 96% from 89% for the third quarter 2012, as a result of strong operating performance and lower planned maintenance,” it added.
In the first nine months of 2013, Shell’s downstream operations posted a CCS earnings of $3.40bn, representing a 21% decline from the same period last year.
Chemical sales volumes for the period were down 8% year on year at around 13m tonnes.
Shell’s overall third-quarter net profit declined 35% year on year to $4.68bn, with the nine-month profit coming in 27% lower at $14.6bn.
($1 = €0.73)
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