Total Q-1 profit soars 35% on higher oil prices

29th April 2011, Comments 0 comments

French oil giant Total said Friday its first-quarter net profit soared 35 percent to 3.1 billion euros ($4.5 billion) on the back of higher world oil prices.

The result was slightly up on the forecast of 3.06 billion euros from analysts polled by Dow Jones Newswires.

In the first quarter oil prices were up 38 percent on the same period of 2010 at 105.4 dollars a barrel for Brent crude, Total said in a statement.

Sales rose 22 percent to 46.03 billion euros over the same period for France's biggest company by market capitalisation.

However, output fell 2.3 percent at 2.371 million barrels a day.

© 2011 AFP

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