The Norwegian energy giant Statoil has reported a smaller than expected fall in profits for the April to June period.

The company blamed the weakening of the US dollar versus the Norwegian krone for the fall.

Net profits fell 2.7% from a year earlier to 6bn (�500m; $785m) kroner while pre-tax profits fell 5% to 16.2bn Norwegian kroner.

Sales rose 4.5% during the period to 63.247bn kroner.

Statoil was floated on the stock market during the summer of 2001.

The Norwegian government still owns 82% of the shares.