Total pumps out bumper revenues in 2004

14th February 2005, Comments 0 comments

PARIS, Feb 14 (AFP) - French energy group Total raked in EUR 122.7 billion (USD 158.7 billion) in revenues last year, 17 percent more than the previous year thanks to high oil prices, the company said in an official legal announcement.

PARIS, Feb 14 (AFP) - French energy group Total raked in EUR 122.7 billion (USD 158.7 billion) in revenues last year, 17 percent more than the previous year thanks to high oil prices, the company said in an official legal announcement.

For the fourth quarter alone, sales rose 26.4 percent to EUR 34.83 billion, up from 27.5 bln euros from the final quarter of 2003, a statement in the official BALO legal announcements bulletin said.

For 2004, oil prices were underpinned by strong oil demand, with benchmark Brent North Sea crude rising to an average of USD 40 (EUR 30) per barrel from USD 30 (EUR 23) in 2003 and EUR/USD to 1.24 from 1.13.

In addition to high oil prices, Total also attributed the rise in sales to strong growth of its activities, although growth was negatively impacted by the dollar's depreciation against the euro.

Total is expected to report on Thursday morning a surge in fourth quarter net profit of 49-62 percent, according to analysts polled by AFX News, AFP's financial news unit.

Net earnings are expected at EUR 2.37-2.58 billion in the final quarter of 2004 compared with EUR 1.6 billion posted in 2003, bringing full year net profit to about EUR 9 billion.

© AFP

Subject: French News

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