Total posts 23% rise in Q4 operating profits

13 February 2008 12:26  [Source: ICIS news]

MUMBAI (ICIS news)--Total's fourth-quarter adjusted operating income rose 23% year on year to €6.7bn ($9.8bn), on the back of favourable market conditions for the petrochemicals industry, the French energy major said on Wednesday.

The company also posted a 19% year-on-year rise in sales for the period ended 31 December to €43.18bn, it added.

“In 2007, market conditions for the petroleum industry were generally favourable. The Brent price rose by 11% reflecting robust demand for oil and higher project costs,” company CEO Christophe Margerie said.

Total's net income for the quarter was up 62% to €3.6bn, it said.

The company’s chemicals segment’s adjusted operating income for the fourth quarter fell 68% to €119m, while its sales were up 6% to €4.8bn, with the sharp rise in the naphtha price squeezing margins, the company added.

Within the chemicals segment, base chemicals were the highest contributor in the fourth quarter, with sales of €3.13bn, up 8% from a year ago, while in its specialties division the company recorded sales of €1.75bn, up 2% from a year ago, Total said.

Meanwhile, for full-year 2007 its adjusted operating income from business segments was down 5% year on year to €23.9bn on sales of €158.7bn, up 3%. 

For the year, the company’s net income was up 12% to €13.18bn, it added.

For the period, the company’s chemical segment’s adjusted operating profits were down 5% to €1.15bn and its net sales were up 4% to €19.8bn, the company said.

($1 = €0.69)

By: Isha Jha
+65 6780 4359

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