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. Last Updated: 07/27/2016

Statoil's Profits Down

OSLO, Norway -- Norway's state-owned Statoil said Wednesday that falling oil production on the Norwegian continental shelf depressed operating profits in the first half of 1999.

Statoil said, however, that the benefits of a strengthening Norwegian crown and good management at its insurance arm more than compensated for the loss in output and lifted net results by 26 percent.

First-half operating profits at the Stavanger-based company fell 21 percent to 4.8 billion kroner ($622.5 million) from 6.1 billion.