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8/1/2019, 8:32 AM (Source: TeleTrader)
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Shell's earnings halved to $3B year on year in Q2

Royal Dutch Shell Plc reported on Thursday that its profit dropped 48.6% or 41.3% in current cost of supplies (CCS) terms, both on an annual basis, to $0.37 per share in the three months through June. The result was derived from a 50.2% fall in net income to $3 billion and a 6.4% decline in revenue to $90.54 billion. Expenses were reduced by 3.1% year over year to $86.92 billion.

The oil giant said it started the next tranche of stock buybacks, $2.75 billion, as part of the plan to repurchase at least $25 billion by end-2020. Dividend for the second quarter was set at $0.47 for ordinary shares and $0.94 for American depositary shares. Adjusted CCS earnings dropped 25.4% to $3.59 billion or 23.2% to $0.43 per share.

Chief executive Ben van Beurden cited "earnings volatility," the drop in gas prices and "challenging macroeconomic conditions in refining and chemicals" but also said cash flow was good. Free cash flow came in 28% lower than last year, at $6.87 billion or 16.1% higher at $11.03 billion in operating terms.

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