30 July 2013 08:22 [Source: ICIS news]
SINGAPORE (ICIS)--BP’s petrochemical business reported an underlying replacement cost loss before interest and tax of $24m (€18m) in the second quarter of this year, because of poor volumes and margins, the UK energy giant said on Tuesday.
Higher turnaround activity affected the sector’s financial performance, the company said in a statement. In the same period in 2012, the segment posted an underlying replacement cost profit before interest and tax of $28m.
“Margins and volumes are expected to remain under pressure for the rest of the year,” the energy major said.
BP’s overall underlying replacement cost profit in the second quarter fell 23.6% year on year to $2.71bn.
For the first six months of this year, the petrochemical business’ underlying replacement cost profit before interest and tax slumped by 75% year on year to $35m.
BP’s overall underlying replacement cost profit for January-June 2013 fell by 15.5% year on year to $6.93bn.
($1 = €0.75)
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