BP reports record annual profits

BP says better trading late last year helped it rack up record annual profits of Stg6.6 billion, up 42 per cent on the year before.

BP said it increased profits by about 4 per cent to Stg1.4 billion in the fourth quarter as trading in the period improved on last year.

The group said the performance of its key exploration and production unit in the last three months was broadly in line with a year ago after currency fluctuations and other factors.

But it the company' gas, power and renewables division improved in marketing and trading and the firm's refining and marketing activities saw profits during the period increase by 23 per cent against a year ago.

PA