Shell stocks down on profits dip

<p>Profits are down for Royal Dutch Shell.</p>

The share price of Royal Dutch Shell has fallen today (August 1st) after the oil company confirmed it has seen a drop in its profits.

It was announced by the firm that its second quarter earnings fell to $4.6 billion (£3 billion), which is down from the figure of $5.7 billion that it recorded last year.

In a statement, chief executive of Royal Dutch Shell Peter Voser admitted that the company's results for April to June are disappointing.

"Higher costs, exploration charges, adverse currency exchange rate effects and challenges in Nigeria have hit our bottom line," he explained.

The share price of the firm has been affected by the drop in its profits and at 08:40 BST this morning, stocks were trading almost 4.5 per cent lower than at the start of the day.

Stocks were selling for 2,211.00, down more than 100 points from the beginning of the session.

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