British energy group BG says profits firm in 2010

8th February 2011, Comments 0 comments

British energy producer BG Group said Tuesday that net profits edged higher in 2010, helped by rising revenues and higher commodity prices.

Earnings after taxation rose nearly one percent to $3.35 billion (2.46 billion euros) last year, compared with $3.32 billion in 2009, BG Group said in a results statement.

Revenues swelled by 11 percent to $17.36 billion, while total production edged up to 646,000 barrels of oil equivalent per day.

In the fourth quarter, or three months to December, net profits jumped almost 25 percent to $940 million, compared with the same part of the previous year.

BG said that its results were "primarily reflecting the impact of higher commodity prices".

Production rose slightly, as growth in the United States, Tunisia and Australia was partly offset by lower output in Britain, Egypt and India and planned maintenance activity, particularly in Kazakhstan.

The London-based company added that it has made "excellent progress on major projects in Australia, Brazil and the USA."

© 2011 AFP

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