BP report 25% profit rise in Q3

Oil company BP has reported third-quarter pro-forma profits of $2.87bn (€2.45bn), up 25% on the same quarter last year.

However, the figure was lower than many analysts had forecast with the return on average capital employed rising from 13% 15%.

Oil prices, improved refining and retail margins and BP's $6.75bn (€5.78bn) joint venture with Russian oil company TNK helped fuel profits.

BP also said its operating performance had improved with significant progress in completing projects in Trinidad, Gulf of Mexico, Angola and Azerbaijan.

Shares in BP rose slightly to £4.14 (€5.99) on the FTSE in mid-morning trading following the announcement.