01 May 2012 07:56 [Source: ICIS news]
SINGAPORE (ICIS)--BP’s petrochemicals operations posted an underlying replacement cost profit before interest and tax of $112m (€85m) in the first quarter of 2012, representing a 78% slump from the same period last year, the UK energy giant said on Tuesday.
“This reflects a challenging margin environment compared with the particularly strong aromatics margins a year ago, although we have seen volumes improve from the low levels in the fourth quarter as a result of improved demand and higher availability,” BP said in a statement.
The company’s downstream operations recorded a 59% decline in replacement cost profit before interest and tax for the first quarter to $856m, it said.
BP’s overall underlying replacement cost profit for January-March this year stood at $4.80bn, down 12.8% year on year, the company said.
($1 = €0.76)
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