Shell Profit up 7% despite Sharp Fall in Revenue

Royal Dutch Shell PLC on Thursday reported a 7% rise in first-quarter profit from a year earlier but also posted a steep fall in revenue, giving investors a glimpse of the impact weak oil prices are having on the business.

The giant Anglo-Dutch oil company’s quarterly profit on a current cost-of-supplies basis–a number similar to the net income that U.S. oil companies report–was $4.76 billion, up from $4.16 billion a year earlier. Revenue fell to $65.71 billion from $93.37 billion a year earlier.

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Source: Market Watch