Total posts 39% rise in Q2 net income

01 August 2008 09:07  [Source: ICIS news]

MUMBAI (ICIS news)--France's Total has posted a 39% year-on-year increase in its second-quarter net income to €4.73bn ($7.39bn) on higher crude and natural gas prices, the energy and petrochemicals group said on Friday.

“In the second quarter, demand for oil remained robust, driven by continued growth in Asia and the Middle East, and despite signs of a slow down in the Atlantic basin,” said Christophe Margerie, CEO.

For the quarter, the company’s sales rose 23% to €48.2bn and its adjusted operating income was €7.78bn, up 35% from the year-ago period, the company said.

For the first-half , Total’s net income rose 29% to €8.33bn and its sales were up 21% to €92.4bn, it added.

“With a solid portfolio of assets, Total is well positioned to continue to benefit from this volatile but favourable oil market environment,” the company added.

($1 = €0.64)

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By: Isha Jha
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