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BP loses £93 million

19th September 1981
Page 3
Page 3, 19th September 1981 — BP loses £93 million
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Which of the following most accurately describes the problem?

THE BP OIL GROUP has made al operating loss before tax and ir terest of £93 million in the firs six months of 1981, comparei with a loss of £53 million in thi same period last year.

The main contributors to thesE results were the continuing re. duction in the demand for oi products; the fail in value of ster. ling against the dollar; and thE continuing uncompetitive ray% materials costs.

The overall effect of these fac tors has been to increase costs However, owing to intense corn petition these higher prices havi been difficult to sustain.

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