Total's chemicals segment swings to Q1 net gain of €157m

30 April 2010 07:51  [Source: ICIS news]

SINGAPORE (ICIS news)--French energy major Total's chemicals segment swung to a first-quarter adjusted net operating income of €157m ($207m), from a loss of €32m in the same period a year earlier, partly due to higher demand, the company said on Friday.

Sales for the segment during the quarter jumped 31% year on year to €4.2bn.

Its base chemicals segment posted a gain of €44m, as compared to a loss of €40m in the same period in 2009, Total said.

The company’s specialities chemical business, meanwhile, surged to a gain of €117m in the first quarter, as compared to a gain of €16m in the year-ago period.

“The chemicals segment has benefited from the economic recovery since the start of the year thanks to its improved competitiveness in mature areas, production growth in emerging countries and development of more value-added products,” said Total CEO Christophe de Margerie in a statement.

On the group level, the company’s first-quarter net income climbed 14% year on year to €2.6bn, with sales rising 25% to €37.6bn.

($1 = €0.76)

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By: Nurluqman Suratman

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