Oil refiner Royal Dutch Shell said Wednesday its first quarter profit fell 62 percent due to weak demand and fluctuation in oil prices.
First quarter earnings fell $3.4 million from $9 million in same period a year ago to $0.54 a share from $1.28 a share. Revenue decreased to $58.2 billion from $114.3 billion a year earlier.
Royal Dutch Shell Chief Executive, Jeremy van der Veer said it will remain significantly challenging in the current industry conditions to be profitable, and is focused on sustaining a strong position in the energy landscape.
It did increase its quarterly dividend 5 percent to $0.42 per share, however.
Shares of RDS.A rose 87 to 1.92% at $46.14, while shares of RDS.B rise 94 cent to $2.10% at $45.70 in the New York Stock trading.