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Article: BP's profit dips with scant signs of recovery.(Business Report)
- Article from:
- The Star (South Africa)
- Article date:
- July 29, 2009
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BYLINE: Eduard Gismatullin London
BP's profit had fallen 53 percent on lower energy prices and there was "little evidence" of a recovery in demand, Europe's second-biggest oil company said yesterday.
Second-quarter net income had fallen to $4.39 billion (R34bn), or 23.16c a share, from $9.36bn, or 49.23c a share, in the year-earlier period, London-based BP said in a statement.
Excluding one-time items and inventory changes, earnings beat analyst estimates.
Almost two years into a turnaround led by chief executive Tony Hayward, BP said estimated cost cuts would exceed an earlier target as it increased production to more than 4 million ...