British energy group BG announces drop in profits

10th May 2011, Comments 0 comments

British energy producer BG Group said on Tuesday that net profits slid 37 percent to $597 million (417 million euros) in the first quarter, as it faced various headwinds including north Africa unrest.

The profit after tax figure for the three months to March 31 compared with net earnings of $960 million in the first quarter of 2010, BG Group said in an earnings statement.

"It was a challenging quarter... with civil unrest in north Africa, flooding in Australia, an increase in UK tax and a (platform) shutdown in the North Sea," said chief executive Frank Chapman.

© 2011 AFP

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