BG Group returns to profit before takeover by Shell

GMT 10:48 2016 Monday ,08 February

Arab Today, arab today BG Group returns to profit before takeover by Shell

Royal Dutch Shell
London - AFP

British energy group BG Group on Friday announced a return to net profit ahead of its takeover by Shell as exceptional 2014 losses were not repeated last year.

However as seen across the sector, BG's day-to-day operating profits plunged in 2015 owing to slumping oil prices, according to a company statement.

The update comes as Royal Dutch Shell is very near to finalising a £47-billion ($68-billion, 62 billion-euros) takeover of its smaller British rival.

BG Group net profit for 2015 came in at $2.33 billion, which compared with a loss after tax of $1.04 billion the previous year.

At the same time, last year's operating profit excluding exceptional items slumped 62 percent to $2.43 billion as revenues dropped 18 percent.


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