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Shell profits slump after huge write-offs

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Screen Shot 2015-10-29 at 08.02.52Business News | Thu Oct 29, 2015 7:18am GMT

Royal Dutch Shell (RDSa.L) on Thursday reported a sharp drop in third-quarter profits on the back of low oil prices and a hefty $8.2 billion (5.4 billion pounds) charge which included write-offs in Alaska and Canada.

Shell’s current cost of supplies (CCS) earnings excluding identified items, the company’s definition of net income, fell to $1.8 billion from $5.85 billion a year earlier and from $3.835 billion in the previous quarter.

It also fell short of analysts expectations of $2.74 billion, according to a Reuters poll.

Shell maintained its dividend at 47 cents per share.

“These charges reflect both a lower oil and gas price outlook and the firm steps we are taking to review and reduce Shell’s longer-term option set,” Chief Executive Ben van Beurden said in a statement.

“These are difficult, but impactful decisions. I am determined that Shell will become a more focussed and competitive company as a result.”

(Reporting by Ron Bousso; editing by Jason Neely)

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