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Shell Q3 profits surge to $10.9 bln

Reuters

Thu Oct 30, 2008 3:20am EDT

* Current cost of supply net profit up 71 pct to $10.9 bln

* Boosted by high oil prices and asset sales

* Profit includes $2.06 billion non-operating items

 

LONDON, Oct 30 (Reuters) – Royal Dutch Shell Plc (RDSa.L: QuoteProfile,ResearchStock Buzz) said on Thursday third-quarter current cost of supply (CCS) net profit jumped 71 percent to $10.9 billion, boosted by high oil prices and asset sales.

Shell said the CCS result, which strips out unrealised gains or losses related to changes in the value of fuel inventories, included a net gain of $2.06 billion due to non-operating items, mainly related to the sale of a German gas network.

Excluding non-operating items, the CCS net profit was $8.84 billion.

A Reuters poll of six analysts had given an average forecast of $7.195 billion for Shell’s third quarter current cost of supply net income, excluding non-operating items.

(Reporting by Tom Bergin, editing by Will Waterman)

 

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