Corporate Economy Economy/Business Headline News

loss on virus-hit oil market

loss on virus-hit oil market

LONDON :  Energy major Royal Dutch Shell posted Thursday a colossal net loss of $18.1 billion (15.4 billion euros) for the second quarter, blaming massive asset writedowns on the coronavirus-hit oil market outlook.

The performance, contrasting sharply with profit after tax of $3.0 billion a year earlier, was sparked by a $16.8-billion charge “in response to the COVID-19 pandemic and macroeconomic conditions as well as energy market demand and supply fundamentals”, Shell said in a results statement.

About the author

Sadawahar.com

NepalBahas is an online news portal run & managed by Sadawahar Media House Pvt. Ltd. A Nepali Version of this site is also in operation viz. www.sadawahar.com. Sadawahar publishes political & economic centric news on a daily basis. We strongly believe that politics cannot exist without any economic agenda and vice-versa.

News related to politics, banking, insurance, business, tourism, exposing corruption, employment related, national security, crime, sports, agriculture, health, education, entertainment, science and technology is our forte.

Add Comment

Click here to post a comment