BP's petrochemical operations report a 48% drop in earnings

BP’s petrochemical activities delivered an underlying replacement cost (RC) profit before interest and taxes of $46 million in the fourth quarter of 2012, a 48% drop on the same period a year earlier, when the figure reported was $96 million, the company said today. There was nevertheless an improvement in the results quarter-on-quarter, as the underlying RC pretax figure swung from a $20-million loss during the third quarter of 2012. Sales figures were not disclosed. The year-on-year comparison highlights persistent pressure on the petrochemical industry, BP...

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