SHELL FRANCAISE RETURNS TO PROFIT IN 1986

  Shell Francaise &lt;SFMF.PA>, a subsidiary of
  &lt;Shell Petroleum NV>, returned to the black last year for the
  first time since 1982, with parent company net profit of 43 mln
  francs against losses of 968 mln in 1985 and 1.07 billion in
  1984. In 1982 it posted a profit of 329 mln.
      The company said in a statement that cash flow had improved
  strongly although it remained negative at 182 mln francs
  against 1.34 billion in 1985, due largely to improved
  performances by its main profit centres.
      It said the results could have been even better had it not
  been for the collapse of refining and sales profit margins in
  the last quarter of the year.
      In 1986 Shell sold 14.74 mln tonnes of oil products against
  14.52 mln tonnes in 1985.
      The company said the results were in line with its targets
  for the second year of its three-year recovery programme.
      Meanwhile, &lt;Societe Shell Chimie) said it also returned to
  profit in 1986, for the first time since 1976, posting net
  profit of 160 mln francs against a 1985 loss of 57 mln. No
  other details were available.
  

