Total's chemicals ops post 10% fall in Q2 profit, sales up 15%

29 July 2011 08:13  [Source: ICIS news]

SINGAPORE (ICIS)--French oil and gas major Total said on Friday its chemicals business posted a 10% year-on-year decline in adjusted net operating profit for the second quarter to €247m ($353m) despite higher sales.

The segment’s earnings in the same period in 2010 reflected strong petrochemical margins in Europe and the US, Total said in a statement.

For the June quarter 2011, chemicals sales were up by 15% year on year at €5.29bn, it said.

“Results for the speciality chemicals were in line with the strong results shown over recent quarters in a still favourable environment,” it added.

In the first half of 2011, the chemicals segment reported a 13% increase in adjusted net operating profit to €485m, with sales rising 18% to €10.4bn, Total said.

“The increase reflects essentially the progress made by the base chemicals in a generally favourable environment with, in particular, an increased contribution from activities in Qatar,” the company said.

Total’s overall second-quarter net profit fell 12% year on year to €2.73bn, while sales were up 9% to €45.0bn.

“The combination of sustained global demand and geopolitical troubles increased tensions in the oil market,” said Total chairman and CEO Christophe de Margerie.

“In this environment, Total continued to develop and rebalance its portfolio in accordance with its commitment to sustainable growth,” he added.

In the first six months of 2011, Total said it recorded a 17% year-on-year jump in net profit to €6.67bn as sales grew 15% to €91.0bn.

($1 = €0.70)

By: Tahir Ikram
+65 6780 4359

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