Total sees first quarter profit down 11 percent

4th May 2007, Comments 0 comments

PARIS, May 4, 2007 (AFP) - French oil giant Total on Friday reported an 11 percent drop in net adjusted profit to 2.992 billion euros (4.057 billion dollars) from 3.376 billion in the same period last year, attributing the fall to a decrease in oil and gas prices and maintenance shut-downs at refineries.

PARIS, May 4, 2007 (AFP) - French oil giant Total on Friday reported an 11 percent drop in net adjusted profit to 2.992 billion euros (4.057 billion dollars) from 3.376 billion in the same period last year, attributing the fall to a decrease in oil and gas prices and maintenance shut-downs at refineries.

Adjusted operating profit for the first quarter of 2007 came out at 5.729 billion, a fall of 14 percent on the first quarter of 2006. 

The results were better than forecast by analysts.

Sales for the first quarter were 37.043 billion euros, down three percent year-on-year.

Total said its performance was "among the best in the industry," showing its ability to maintain the quality of its portfolio and step up growth despite "continued pressure from rising costs."

The group said it is pursuing its strategy of profitable growth over the long term, with increased efforts in research and development and improvements to refining and petrochemical facilities.


Copyright AFP

Subject: French news

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