Business Standard

Shell profits plunge 82% as coronavirus pandemic hits energy demand

Royal Dutch Shell said that its second-quarter earnings plunged 82% as the Covid-19 pandemic slashed energy prices and demand.

Representative image

Representative image

AP London
Royal Dutch Shell said Thursday that its second-quarter earnings plunged 82% as the COVID-19 pandemic slashed energy prices and demand.
Shell reported that adjusted profit, which excludes one-time items and changes in the value of inventories, dropped to $638 million from $3.46 billion in the same period last year.
Shell took a charge of $16.8 billion amid reduced expectations for energy prices and refining margins, as well as weaker energy demand due to the pandemic.
Including this charge, the company reported a net loss of $18.1 billion, compared with net income of $3 billion pounds a year earlier.
CEO Ben van Beurden says the company is facing a remarkably challenging environment and focusing on decisive cash preservation measures'' to underpin the balance sheet.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jul 30 2020 | 1:54 PM IST

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