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Shell profit falls 70 percent but beats forecast


Thu Jul 30, 2009 2:26am EDT

LONDON (Reuters) – Royal Dutch Shell Plc (RDSa.L) posted a 70 percent fall in net profit in the second quarter compared with the same period of 2008, as oil prices and refining margins tumbled.

The world’s second-largest non government-controlled oil company by market value said on Thursday second-quarter current cost of supply (CCS) net income, which strips out unrealized gains or losses related to changes in the value of fuel inventories, was $2.34 billion.

Excluding one-off items, the result was $3.15 billion, compared with an average forecast of $2.55 billion in a Reuters poll of eight analysts.

The company said it had made cost savings of $700 million in the first half of the year compared to the same period in 2008, and that since July 1, 20 percent of senior management positions had been cut.

(Reporting by Tom Bergin, editing by Will Waterman)

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