Shell Pakistan Ltd., a unit of Royal Dutch Shell Plc, said second-quarter profit fell from a year earlier because of declining oil prices and a slower economy.
Net income in the three months ended June 30 dropped to 639.8 million rupees ($7.7 million), or 9.34 rupees a share, from 2.49 billion rupees, or 36.29 rupees, a year earlier, the Karachi-based company said in a statement to the stock exchange . Sales fell to 44.4 billion rupees from 49.1 billion rupees.
Oil in New York has slumped 55 percent from a record $147.27 a barrel in July last year because of the world recession. Diesel sales fell in Pakistan after South Asia’s second-biggest economy grew 2 percent in the year ended June 30, the slowest in eight years.
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