30 April 2013 08:02 [Source: ICIS news]
SINGAPORE (ICIS)--UK energy major BP said on Tuesday its petrochemical business’ underlying replacement cost profit before interest and tax fell by 47% year on year to $59m (€45.4m) in the first quarter on the back of lower production volumes.
“This decrease was due to the continued difficult margin environment, which also led us to reduce our production particularly in Asia,” the company said in a statement.
BP added that its production volumes were also impacted by the sale of its petrochemicals plant in Malaysia in October last year, it said.
“Petrochemical margins have been lower relative to levels seen in the first quarter and we expected them to remain subdued during 2013,” BP added.
BP’s downstream business saw its underlying replacement cost profit before interest and tax surged by 77% year on year in the first quarter of this year to $1.64bn.
The company’s overall underlying replacement cost profit fell 9.4% year on year to $4.22bn in the first quarter.
($1 = €0.76)
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