Oil group Total Q3 net profits up 17% to 3.3 bn euros

28th October 2011, Comments 0 comments

French oil giant Total announced Friday its net profits grew 17 percent in the third quarter to 3.3 billion euros ($4.67 billion) and said it was confident for the fourth quarter.

"The group begins the fourth quarter confident in an environment where conditions remain favourable for the upstream and refining margins are slightly improved," it said a statement.

"In the fourth quarter of 2011, the production ramp-up from the Pazflor field in Angola and the progressive recovery of production in Libya are expected to be partially offset by turnarounds at (Norway's) Snovhit and Yemen LNG."

Profits were in line with second quarter results, "despite a slightly weaker environment," the group said.

Adjusted net income came in at 2.8 billion euros, up 13 percent against the third quarter of 2010.

Sales enjoyed a strong 15 percent surge, hitting 46.2 billion euros on the back of high oil prices.

In the first nine months of the year, Total had net profits of 10 billion euros, up 17 percent from the same period last year.

© 2011 AFP

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