BP profit sinks as epidemic pummels demand

LONDON: BP's fourth-quarter profit sank to $115 million, missing analysts' forecasts, pummelled by continued weak energy demand due to the coronavirus epidemic and weak trading results.

On annual basis, BP sunk to a loss of $5.7 billion, its first in a decade after it wrote down the value of oil and gas assets by $6.5 billion as a result of sharply lowering its long-term energy prices.

Its fourth-quarter underlying replacement cost profit, the company's definition of net income, reached $115 million, beating the $360 million loss seen in a company-provided survey of analysts.

That compared with a $86 million profit in the third quarter and a profit of $2.6 billion a year earlier. - Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

BP ,


Next In Business News

Aditya Laroia new CEO of Maybank KE Singapore
China close to kicking off long-awaited REITs market
Singapore broker up 544% in a year eyes China
Alibaba leads US$400m investment in Vietnam retail firm
Moody’s expects Malaysia’s growth prospects to remain strong
Ringgit opens higher against US dollar
World Economic Forum cancels 2021 annual meeting in Singapore
Quick take: Pesona Metro down despite RM319mil contract win
Bursa ekes out slight gains
Cautiously optimistic on MBM Resources despite near-term volatility

Stories You'll Enjoy