France’s Total chemicals net operating profit soars 59%

29 October 2010 07:32  [Source: ICIS news]

SINGAPORE (ICIS)--French oil and gas major Total said on Friday its chemicals business posted a 59% surge in third-quarter adjusted net operating profit to €256m ($356m), as sales jumped 15%.

Chemical sales grew to €4.46bn in the three months to September from €3.89bn in the same period last year, it said.

“The increase was driven essentially by an improvement in the petrochemicals; the specialties continued to show solid performance,” the company said.

In the first nine months of the year, Total said its chemicals segment more than tripled its adjusted net operating profit to €687m, with sales climbing 23% year on year to €13.3bn.

Total reported an overall net profit of €2.83bn in the September quarter, up 47% from the same period last year, as sales registered a 19% jump to €40.2bn.

For the January-to-September period, net profit grew 34% year on year to €8.54bn while sales rose by a quarter to €119.1bn, Total said.

“In additional to higher oil and gas prices, these good results reflect … the profitability of its new production and the improved performance of the chemicals segment,” said Total chairman and CEO Christophe de Margerie in a statement.

($1 = €0.72)

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By: Pearl Bantillo
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