.jpg)
Royal Dutch Shell has reported a 14 per cent rise in fourth quarter profits, as high oil prices outweighed dismal industry-wide margins in its refining business.
Europe's largest oil company by market capitalization said its current cost of supply (CCS) net income was $6.46bn (£4.07bn), helped by one-off gains from the sale of assets.
Excluding one-offs, the result rose 18 per cent to $4.85bn.
Brent crude prices averaged $109 per barrel last quarter, up from $88 a year before.
CCS earnings strip out unrealised gains or losses related to changes in the value of inventories, and as such are comparable with net income under US accounting rules.
Equities analyst at Hargreaves Lansdown Richard Hunter said: "The initial disappointment of this update does not detract from the longer term view, where Shell’s drive for progressive business and dividend growth remains strongly on track."
