However, the cumulative result represented a reduction in profit from the previous year. The company's solar energy product volumes continue to grow, although at a lower rate than in previous periods.** In North America, representing 9 percent of BP sales, cumulative local currency revenues and profits were higher than the previous year, with an improving product mix.
In Europe, representing 43 percent of the group's cumulative BP sales, revenues were similar to the previous year. Profits increased, due largely to cost savings. Sales prices were stable during the quarter, and, relative to the previous year, continue to offset the increase in input costs.
Revenues in Japan, representing 33 percent of BP sales, were slightly higher than the previous year.
Downstream revenues and volumes increased from the previous year. Profits increased strongly, with an improving mix of higher value-added products, and the increased downstream volumes.
In the rest of the world, revenues improved while underlying profits, excluding the effect of the previous year gain on settlement of an insurance claim in Chile, fell. Results in South America were robust, with some volume growth experienced. Revenues and profits in South East Asia and China fell however, with over-capacity in China contributing to a weak pricing environment.
During the second quarter, the BP business achieved sales of $1,644 million USD (128,440 million JPY) and an operating profit of approximately $103 million USD).