Total posts earnings surge

4th May 2005, Comments 0 comments

PARIS, May 4 (AFP) - French oil firm Total SA said Wednesday the oil market environment had remained favourable since the start of the second quarter, with high oil prices and refining margins, as it reported a 50 percent surge in net adjusted first quarter profit.

PARIS, May 4 (AFP) - French oil firm Total SA said Wednesday the oil market environment had remained favourable since the start of the second quarter, with high oil prices and refining margins, as it reported a 50 percent surge in net adjusted first quarter profit.  

Excluding extraordinary items, net earnings came to EUR 2.919 billion (USD 3.8 billion) in the quarter, up from EUR 1.946 billion a year earlier and beating Societe Generale's estimate of EUR 2.700 billion.  

First quarter refining margins remained high and oil prices rose to record levels in response to "persistently strong demand for oil and tension over production capacity," Total said.  

Operating profit was EUR 5.456 billion, up 53 pct on an adjusted basis from first quarter 2004 on sales of EUR 31.739 billion, an increase of 18 percent.  

Earnings per share were 54 percent higher in the first quarter compared with a year earlier at EUR 4.90.  

By division, upstream activities showed a 42 percent increase in adjusted operating income to EUR 4.010 billion while operating income at downstream operations rose 61 percent to EUR 891 million. Operating income was up 178 percent in the chemicals division at EUR 555 million.  

Investors welcomed the results, sending Total shares to EUR 174.30 in mid-session trade, up 0.52 percent on an overall market that had gained 0.32 percent to 3,968.62.

 

© AFP

Subject: French News

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