Shell first-quarter net profits up 60% to $8.78bn

Anglo-Dutch oil giant Shell announced a 60 percent increase in first-quarter earnings on Thursday as the company benefitted from higher oil prices. Net profit rose to $8.78 billion (around six billion euros), up from $5.48 billion a year earlier, the company said in a statement. Revenues rose 28 percent to $110 billion. "Our first quarter 2011 earnings have risen from year-ago levels, driven by higher industry margins and our own operating performance," chief executive Peter Voser said in a statement. "We continue to make good progress in implementing our strategy; improving near-term performance, delivering a new wave of production growth, and maturing the next generation of growth options for shareholders." The company's results were helped by the steep rise in oil in recent months.