30 Apr 2010

Shell profit up by 50%

6:09 am on 30 April 2010

Royal Dutch Shell has reported a 50% jump in quarterly profits due to higher oil prices.

The Anglo-Dutch company said profits for the first three months of the year were $US4.9 billion.

Profits for the last three months of 2009 were $US1.2 billion.

The BBC reports the average cost of a barrel of oil for the first three months of the year was $US76. That compares with an average price of $US41 a year ago.

On Tuesday, BP reported profits of $US5.6 billion for the first quarter of 2010, up from $US2.4 billion in the same period last year.