Oil giant Royal Dutch/Shell Group reported a 53 per cent plunge in fourth-quarter 1998 profits yesterday and took $4.4 billion (€3.9 billion) of special charges for asset writedowns, restructuring and redundancies. Adjusted net income slid to $818 million from $1.74 billion a year ago, below analysts' forecasts of between $855 million and $1.13 billion, and the worst performance among top oil companies which have all been hit by weak oil prices.

Profits at world number one Exxon Corp fell 30 per cent in the fourth quarter, its merger partner Mobil turned in a 38 per cent decline, and Texaco 50 per cent. BP Amoco reports next week.