29 October 2013 07:41 [Source: ICIS news]
SINGAPORE (ICIS)--BP’s petrochemical business reported a third-quarter underlying replacement cost profit before interest and tax of $51m (€37m), reversing a $20m loss in the same period last year, on improved margins, the UK energy giant said on Tuesday.
“Margins and volumes continue to be under pressure, however, margins and utilization improved slightly in the third quarter, resulting in increased profitability compared with the third quarter of 2012,” the company said in a statement.
BP’s overall underlying replacement cost profit in the third quarter of 2013 fell by 26.4% year on year to $3.69bn.
For the first nine months of this year, the petrochemical business’ underlying replacement cost profit before interest and tax fell by 28.3% year on year to $86m.
BP’s overall underlying replacement cost profit for January-September 2013 fell by 19.7% year on year to $10.6bn.
($1 = €0.72)
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