Total posts record net profit for 2006

14th February 2007, Comments 0 comments

PARIS, Feb 14, 2007 (AFP) - French oil group Total reported on Wednesday a record net adjusted profit of 12.585 billion euros (16.397 billion dollars) for 2006, up 5.0 percent from the previous year, as a result of a rise in crude oil prices.

PARIS, Feb 14, 2007 (AFP) - French oil group Total reported on Wednesday a record net adjusted profit of 12.585 billion euros (16.397 billion dollars) for 2006, up 5.0 percent from the previous year, as a result of a rise in crude oil prices.

Annual turnover was 153.802 billion euros, up 12 percent, the group said in a statement.

However, adjusted net income, which excludes one-off items and fluctuations in inventory value, was down 10 percent year-on-year in the fourth quarter at 2.737 billion euros due to a drop in crude oil prices and decline in production.

Total's net profit has risen steadily in recent years, from seven billion dollars in 2003, to nine billion dollars in 2004 and 12.003 billion dollars last year.

In Wednesday's statement, Total announced a 15 percent rise in full-year dividend to 1.87 euros per share.

The company set an average annual growth target of five percent through 2010, and predicted that overall production would rise by six percent in 2007.

Copyright AFP

Subject: French news

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