StatoilHydro 3Q profits down more than half

Norwegian oil company StatoilHydro ASA on Monday reported its net profit fell by more than half in the third quarter due largely to a high tax bill triggered by currency exchange rates.

The state-controlled company said its net profit for the July through September quarter was 6.3 billion kroner ($940 million), compared to 14.6 billion kroner a year earlier.

"Our operating performance and operating income are strong and we are well positioned industrially and financially in a time with great uncertainty in the financial markets," said Helge Lund, StatoilHydro's chief executive.

The company, based in the western Norway port of Stavanger, …