DHAKA: Royal Dutch Shell shares rose after it confirmed it would cut 10,000 jobs and a sharp fall in annual profits.

Shell extended gains to 7% as it said it made $1.8bn for the fourth quarter, compared with a $4.2bn profit for the same period the year before, reports the BBC.

Full-year earnings have seen their steepest fall in 13 years, from $19bn in 2014 to $3.8bn last year.

Oil prices have fallen steadily, from more than $100 a barrel 18 months ago to around $30 a barrel now.

Nevertheless, Shell has maintained its dividend payout to shareholders, a move that relieved investors.

Oil companies and their suppliers have been cutting back hard on investment and jobs as the low price eats into profits and makes investment less worthwhile.

Shell’s arch-rival, BP, announced a profits slump of 51% to $5.9bn for 2015 and a further 3,000 job cuts earlier this week.

BDST: 1942 HRS, FEB 04, 2016
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