Fri, Jul 29, 2011 - Page 10 News List

World Business Quick Take

Agencies

ENERGY

Shell’s profit nearly doubles

Royal Dutch Shell PLC, Europe’s largest oil firm, yesterday said that second-quarter profits nearly doubled as higher oil prices and one-time gains offset a drop in production. Its net profit of US$8.66 billion was up from US$4.39 billion a year earlier. The figure was helped by a US$1.44 billion gain booked on a mix of tax credits, trading activities and the sale of businesses. Shell’s profit at its current cost of supplies was US$6.55 billion excluding one-time gains, up from US$4.21 billion a year earlier.

AUTOMAKERS

Hyundai Q2 profit rose 37%

South Korea’s Hyundai Motor yesterday said its second-quarter net profit rose 37.3 percent year-on-year, helped by brisk sales of fuel-efficient vehicles abroad and stronger contributions from affiliates. Net profit stood at 2.3 trillion won (US$2.18 billion) in the April-June period, compared with 1.68 trillion won a year earlier. Sales rose 19.1 percent to 20.09 trillion won, while operating profit rose 21.7 percent to 2.12 trillion won. The company sold 1.03 million cars in the three-month period, up 12.7 percent from a year ago.

GAMING

Nintendo slides into red

Japan’s Nintendo yesterday reported a first-quarter loss and lowered its annual forecast, citing the strong yen, a lack of new hit game titles and research and marketing costs. The gaming giant booked a net loss of ¥25.5 billion (US$327.9 million) for the April-June quarter and cut its forecast for the year ending March to a net profit of ¥20 billion, down 74.2 percent from last year. Nintendo also said it would slash the price of its 3DS handheld console, released in February at ¥25,000, to ¥15,000, from Aug. 11 in Japan, to be followed by similar cuts in foreign markets by September.

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