Statoil misses forecasts

Petrol and convenience-food seller Statoil Fuel & Retail fell short of fourth-quarter profit expectations as motorists in Scandinavia and eastern Europe failed to hit the road with much enthusiasm even as their economies recover.

The company’s shares fell 1.7 per cent in early trading after it posted quarterly adjusted earnings of 729m crowns ($125.9m) before income tax, depreciation and amortisation.