Energy Giant Shell Profits Slump 62%

LONDON (AFP) – Energy giant Royal Dutch Shell said Thursday that third-quarter net profit slumped 62 percent from a year earlier to 1.97 billion pounds. “Out third quarter results were affected by the weak global economy,” said Shell Chief Executive Peter Voser in a results statement, ad

Asharq Al-Awsat Editorial
Energy Giant Shell Profits Slump 62%

LONDON (AFP) – Energy giant Royal Dutch Shell said Thursday that third-quarter net profit slumped 62 percent from a year earlier to 1.97 billion pounds.

“Out third quarter results were affected by the weak global economy,” said Shell Chief Executive Peter Voser in a results statement, adding that 5,000 jobs will be axed by the end of 2009 in a cost-cutting programme announced earlier this year.