UK natural gas producer BG Group posts 59 pc rise in Q2 net
British natural gas producer BG Group PLC reported a 59 per cent rise in second quarter net profit on Thursday, on the back of higher gas prices and increased production.
By Agencies |
LONDON: British natural gas producer BG Group PLC reported a 59 per cent rise in second quarter net profit on Thursday, on the back of higher gas prices and increased production.
BG, which is bidding for Australia's Origin Energy Ltd., said that net profit rose to 747 million pounds (US$1.5 billion), from 471 million pounds a year ago.
Revenue rose 41 per cent to 3.1 billion pounds (US$6.2 billion) from 2.2 billion pounds.
However, the company's shares slipped 5 per cent to 1,086 pence (US$21.61) after lower than expected production and gas prices in Britain. North Sea output had been hit by a strike in Scotland, while Indian output was affected by an explosion at a Mutka field.
Origin Energy, Australia's second largest power retailer, earlier this month rejected a sweetened 13.7 billion Australian dollar (US$13 billion) offer from BG Group.
BG, which is bidding for Australia's Origin Energy Ltd., said that net profit rose to 747 million pounds (US$1.5 billion), from 471 million pounds a year ago.
Revenue rose 41 per cent to 3.1 billion pounds (US$6.2 billion) from 2.2 billion pounds.
However, the company's shares slipped 5 per cent to 1,086 pence (US$21.61) after lower than expected production and gas prices in Britain. North Sea output had been hit by a strike in Scotland, while Indian output was affected by an explosion at a Mutka field.
Origin Energy, Australia's second largest power retailer, earlier this month rejected a sweetened 13.7 billion Australian dollar (US$13 billion) offer from BG Group.
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