London, Jul 30 (AP/PTI) 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.
