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Royal Dutch Shell profits fall

  • Story Highlights
  • Shell said it earned $4.8 billion in the fourth quarter of 2008
  • This was compared to $6.7 billion during the same period in 2007
  • Shell CEO: Performance satisfactory given weak economy
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(CNN) -- International oil giant Royal Dutch Shell announced Thursday that its net profits fell 27 percent in the last quarter of 2008, another indicator of the sickly global economy.

The company said it earned $4.8 billion in the fourth quarter of 2008, compared with $6.7 billion during the same period in 2007.

Despite the faltering fourth quarter, Royal Dutch Shell's net profits still increased 16 percent for the full year of 2008, the company said.

CEO Jeroen van der Veer said the fourth quarter performance was satisfactory, given a drop-off in demand as the economy has weakened.

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