British energy giant BP said Tuesday that its third-quarter net profit sank 34 percent to 5.34 billion dollars (3.59 billion euros), hit by lower oil prices and despite higher output.

The company said in a results statement that total sales fell 37 percent from a year earlier to 67.9 billion dollars in the three months to the end of September.

However, production rose 6.9 percent to 3.92 million barrels of oil equivalent per day.

Net profit, excluding the effect of stocks, slumped 50 percent from a year earlier to 4.98 billion dollars.

"These results demonstrate real operational momentum across the company," said BP Chief Executive Tony Hayward.

"They show that even in the tough conditions that prevail in many of our markets, we can continue to deliver on our promise to invest in future growth while meeting our commitments to shareholders today."

BP said it expected to cut costs by 4.0 billion dollars in the current financial year, double the previous target of 2.0 billion dollars that was given at the start of 2009.

In recent days, oil prices have risen to one-year highs around 82 dollars per barrel but they remain far below the record 147 dollars struck in July 2008.

According to BP, the average Brent crude oil price was 68.08 dollars per barrel during the third quarter of 2009, which was 40.8 percent lower than the 115.09 dollars recorded in the same period of last year.