BG Group returns to profit before takeover by 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.
© 2016 AFP