05 February 2013 07:43 [Source: ICIS news]
SINGAPORE (ICIS)--BP’s petrochemicals business posted an underlying replacement cost profit before interest and tax of $46m (€34m) in the fourth quarter of 2012, down by 52.1% year on year from the same period a year earlier, the UK energy major said on Tuesday.
For the full year of 2012, the petrochemicals business’ underlying replacement cost profit fell to $166m, compared with $1.12bn in 2011, “reflecting weakness in margins for BP’s mix of products”, the company said in a statement.
“Despite a slight recovery in the fourth quarter compared with the third quarter, we expect margins to remain under pressure during 2013,” it added.
Overall, BP’s fourth quarter underlying replacement cost profit for the fourth quarter of last year fell by 20% year on year to $3.98bn.
The company’s net profit for the fourth quarter of 2012 was $1.62bn, compared with $7.69bn in the same period of 2011.
For the full year of 2012, the company’s overall underlying replacement cost profit fell by 18.6% year on year to $17.6bn, while its net profit was down by 54.9% at $11.6bn.
($1 = €0.74)
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