Oil Giant BP Reports Tumbling Profits In First Half

BP's net profit fell 79 percent in the first six months of the year (Credit: AFP)

BP on Tuesday announced tumbling profits for the first half, with the British oil and gas giant hit by depreciation of assets and falling revenue.

Profit after tax slumped 79 percent to $2.13 billion compared with net earnings of $10 billion in the first six months of last year, BP said in a statement.