Shell NZ profit down

SHELL'S gross revenues from its 2011 New Zealand operations were up slightly to $NZ1.33 billion ($A1.03 billion). However, higher costs, including joint venture operating expenses, meant net profits dropped almost 11% to about $NZ162 million.

According to the New Zealand Companies Office, Shell Investment New Zealand's dividend to its ultimate parent, Royal Dutch Shell, plummeted from $NZ247 million in 2010 to only $NZ100 million last