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14 Aug 2020, 16:11 HRS IST
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  • PTI
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  • Shell profits plunge 82% as pandemic hits energy demand

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12:59 HRS IST

London, Jul 30 (AP) Royal Dutch Shell said Thursday that its second-quarter earnings plunged 82% as the COVID-19 pandemic slashed energy prices and demand.



Shell reported that adjusted profit, which excludes one-time items and changes in the value of inventories, dropped to 638 million from 3.46 billion in the same period last year.

Shell took a charge of 16.8 billion amid reduced expectations for energy prices and refining margins, as well as weaker energy demand due to the pandemic.

Including this charge, the company reported a net loss of 18.1 billion, compared with net income of 3 billion pounds a year earlier.

CEO Ben van Beurden says the company is facing a remarkably challenging environment and focusing on decisive cash preservation measures' to underpin the balance sheet.

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