France’s Total Q3 profit for refining and chemicals surges by 54%

31 October 2012 08:12  [Source: ICIS news]

SINGAPORE (ICIS)--French oil and gas major Total said on Wednesday its refining and chemicals business’ adjusted net operating income rose by 54% to €564m ($732m) in the third quarter on the back of a sharp increase in refining margins.

The European refining margin indicator averaged at $51/tonne in the third quarter of this year, surging from an average of $13.4/tonne in the same period of last year, the company said.

“In contrast, petrochemical margins further deteriorated in the third quarter because of weak demand in Europe and a slowdown in China,” it said.

The company’s overall adjusted net income rose by 20% year on year to €3.34bn in the third quarter, with sales up by 8% to €49.9bn, the company said.

For the first nine months of this year, Total’s adjusted net income rose by 7% year on year to €9.28bn, with sales up by 9% at €150.2bn.

($1 = €0.77)

By: Nurluqman Suratman

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