Statoil posts dip in profits

On the slide: Statoil saw profits fall in 2012

AP Photo/Ted S. Warren

Josh Lewis

 07 February 2013 07:00 GMT

Norwegian giant Statoil saw profits fall 11% in 2012 despite a rise in output and revenue compared to 2011.

The company’s net income for the year was Nkr69.5 billion ($12.6 billion), down from a profit of Nkr78.4 billion a year earlier.

Statoil attributed the fall in profits to a decreased gain from the sale of assets and decreased unrealised gains on derivatives.

The fall in profits came despite an 8% hike in revenue and other income to Nkr723.4 billion, compared to the Nkr670.2 billion generated in 2011.

Helping lift revenue were increased commodity prices combined with a rise in production for Statoil.

During the 12 months to 31 December the company’s total entitlement production…

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