France’s Total Q4 chemicals business net profit falls to €51m

10 February 2012 07:53  [Source: ICIS news]

SINGAPORE (ICIS)--French oil and gas major Total said on Friday the adjusted net operating income for its chemicals business in the fourth quarter fell to €51m ($68m) from €170m in the same period a year earlier.

The firm said in a statement that the fourth-quarter adjusted net operating income reflected the impact of lower petrochemical margins in Europe and the US, as well as the sale of part of the resins activities and the group’s interest in CEPSA in the third quarter of 2011.

For the full year of 2011, the chemicals segment posted a 10% decrease year on year for its adjusted net operating income to €775m, the statement said.

“Globally, for the full year 2011, petrochemicals benefited from ramp-ups in its activities in Qatar and South Korea, but suffered from deteriorating margins in the second half of the year in Europe and in the US,” it said.

The chemicals segment’s total sales for the fourth quarter grew by 5% year on year to €4.4bn and increased by 11% for the full year to €19.5bn, the statement said.

Total’s overall adjusted net profit rose by 7% year on year to €2.7bn in the fourth quarter and its sales grew by 18% to €47.5bn, it said.

“In a period of economic slowdown, ongoing tensions on the global oil supply… had been favourable for the upstream, but it was difficult for the downstream activities, notably in Europe,” said Total chairman and CEO Christophe de Margerie.

For the full year 2011, the group’s total adjusted net profit was up by 11% to €11.4bn and sales rose by 16% to €184.7bn compared with the same period a year earlier, it added.

($1 = €0.75)

By: Samuel Wong

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