UK energy firm BG Group logs falling profits

British energy producer BG Group said Thursday that net profits slid in the first quarter, hit by falling production and rising costs. Earnings after taxation retreated 1.0 percent to $1.207 billion in the three months to the end of March, compared with $1.217 billion in the same part of 2012, BG said in a results statement. Production dropped 3.0 percent to 59.3 million barrels per day of oil equivalent in the reporting period. "First quarter results were consistent with our expectations and guidance," said BG Group chief executive Chris Finlayson in the earnings release. He added that the group's performance reflected "the impact of lower production volumes and increased costs in the upstream segment".