Royal Dutch/Shell Group said it resumed its first-quarter net income to $4.7 bln from $4.43 bln because of changes in the accounting of inventories.
The changes, which were a follow through from the adjustments in its 2003 accounts, were done to mainly reflect the cut in its oil and gas reserves.
In May, Shell cut previously announced 2003 net income by $203 mln after it downgraded proved reserves by more than 4 bln barrels early this year.
The adjustment also factored in the change in the treatment of exploration costs and certain gas contracts.
The move could also trigger an adjustment in the oil group's closely followed earnings on a current cost of supplies basis, a Shell spokeswoman said.
