Shell profits higher than expected

LONDON — Oil company Royal Dutch Shell on Thursday reported better-than-expected profits, though sales were hammered by the drop in global energy prices.

It said its first-quarter profit rose seven per cent, thanks to a good performance in the refining division as well as to the fact that year-earlier figures were weighed down by one-time charges.

The current cost of supplies, a measure of profit used in the industry that strips out fluctuations in the value of oil stocks, increased to $4.76 billion from $4.47 billion in the first quarter last year.

Net profit attributable to shareholders fell to $4.43 billion from $4.51 billion, better than market expectations for a drop to $2.40 billion.