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16

BP Has 6% Rise in Profit

Oil giant BP has announced a 6% rise in profits for the second quarter of 2008, largely thanks to a sharp rise in the price of oil

Oil giant BP has announced a 6% rise in profits for the second quarter of 2008, largely thanks to a sharp rise in the price of oil, BBC News reported.

Replacement cost profit after tax was $6.85bn between April and June, compared with $6.5bn a year ago.

Profits would have been higher without changes imposed by accounting rules. During the quarter, the price of a barrel of oil rose by about 35%.

Unions are calling for a windfall tax on BP and other oil producers.

Downstream profits

In the first half of the year, BP said it had made $13.4bn, a rise of 23% on the first half of 2007.

Profits would have been even higher without the effects of international accounting rules which meant that BP had to recalculate the value of its UK gas contracts. This made a difference of almost $2.1bn in the second quarter.

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