BP signals more cost cuts on way after fall in profits

BP reported an underlying profit of $2.2bn in the three months ended in September. Photograph: Kin Cheung/AP

BP has said it will ramp up efforts to hive off parts of the business, as the energy company reported a drop in profits in its latest quarter.

The company reported an underlying profit of $2.2bn (£1.7bn) in the three months ended in September. It marked a slowdown against its previous quarter, when it made a profit of $2.4bn, but beat analyst expectations of $1.98bn.