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Shell revises down annual net profit after error
[LONDON] Oil giant Shell revised down Friday its 2014 net profit, after uncovering an error in the value of its downstream operations one day after posting annual results.
Shell announced in a new statement that annual net profits fell nine percent to US$14.874 billion (13.17 billion euros) last year compared with 2013, hit by collapsing global oil prices.
The Anglo-Dutch oil group on Thursday had stated its 2014 net earnings as US$15.052 billion.
Profits after taxation meanwhile tumbled by 67 per cent to US$595 million in the fourth quarter of last year, compared with the final three months of 2013.
That also marked a downward revision from the fourth-quarter figure of US$773 million that was given in Thursday's annual results statement.
"Subsequent to making that announcement, a stock valuation error in its downstream operations was discovered," Shell said on Friday.
It added: "The fourth quarter and full year 2014 results of Royal Dutch Shell plc have been revised to take account of this stock valuation error."