Statoil Posts Q1 Loss Due To Impairments - Quick Facts

(RTTNews) - Norwegian energy firm Statoil ASA (STO) Thursday posted an IFRS net loss of 35.4 million Norwegian kroner in the first quarter due to impairments. This compares with last year's net profit of 23.7 billion Kroner.

The group said its adjusted profit after tax slid to 7.0 billion kroner from 15.8 billion kroner a year ago. The reduction was mainly a result of the significant drop in the liquids prices, lower European gas prices and increased depreciation and operating costs.

In the first quarter, total revenues and other income totaled 120.4 billion Kroner, compared to 175.3 billion Kroner.