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Quarterly profit declines at BG Group

Quarterly profit declines at BG Group
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BG Group saw its profit decline by 44 per cent during the third quarter of 2009 as a result of falling gas prices.

The FTSE 100-listed company revealed in a financial update that it recorded earnings of £484 million in the three months to the end of September.

This was lower than the £857 million it made during the same period last year, but the company still exceeded the predictions made by seven analysts that took part in a Reuters poll.

BG Group's share price declined 27.5p to 1,105p during morning trading on the stock market following the announcement, but chief executive Frank Chapman was pleased with the results, stating they indicate the "strength" of the firm's integrated gas operations.

Mr Chapman added that the data "provides us with confidence in the outlook for the group's performance".

Falling gas prices were cited as a reason for BG Group's decline in profit, with Reuters noting that values were around 65 per cent less during the quarter than a year previously.ADNFCR-1681-ID-19430517-ADNFCR