Feb 6, 2018

Opening Quote: BP gets its profit and cash flow back

BP is only just getting use of its cash flow back after all these years. As a result, group underlying replacement cost profit for the full year 2017 reached $6.2bn - a 139 per cent improvement on the $2.6bn for full year 2016. Back in October, BP reported that third-quarter underlying replacement cost profit was $1.9bn, compared with compared with $684 million in previous quarter and $933m in the same period a year earlier. Who might take on assets from Carillion, the construction group that collapsed into liquidation in January with just £29m in cash and £1.5bn of debt, having paid its owners £376m in dividends in four years - but leaving 830 staff out of a job and 17,000 uncertain of their future? "How about the private equity-style owners of Monarch, the airline that collapsed into administration in October with just £30m in cash and £160m of secured debt owed or assigned to its owners, giving them first call on assets built up in three years - but leaving 2,100 staff out of a job and 100,000 tourists uncertain of flights home?".

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