France’s Total Q1 profit for refining and chemicals down by 77%

SINGAPORE (ICIS)--French oil and gas major Total said on Friday its refining and chemicals business posted a 77% year-on-year decrease in its adjusted net operating income to €61m ($80.3m) amid a weak marco-economic environment.

“The decrease is mainly due to the strong deterioration of the environment for petrochemicals in Europe and, to a lesser extent, a decrease in European refining margins,” the company said in a statement.

The company reported adjusted revenues from sales for the quarter in 2012 at €34.1bn, compared with €30.6bn in the fourth quarter of 2011, it said.

“In the refining and chemicals segment, the start of the second quarter 2012 has been marked by a rebound in refining margins in Europe, resulting from a decrease in the price of oil and a reduction in available capacity due to seasonal shut-downs for major turnarounds and refinery closures in the Atlantic basin,” it added.

Total’s adjusted net profit for the quarter fell by 1% year on year to €3.07bn, while the company's sales grew by 11% year on year to €51.2bn, the company added.

($1 = €0.76)