BP back in profit despite oil spill costs

Oil giant BP announced a return to profit today despite a further hit of $7.7bn from the Gulf of Mexico disaster.

The embattled firm posted profits of $1.85bn in the third quarter of 2010, compared with a loss of $17.1bn in the previous three months and profits of $5bn for the same period a year earlier.

The additional charge in the third quarter, which follows one of $32.2bn in July, reflected a delay in completing the relief well which finally sealed the Macondo well in September.