26 July 2013 07:43 [Source: ICIS news]
SINGAPORE (ICIS)--French oil and gas major Total said on Friday its refining and chemicals business’ adjusted net operating income slipped by 2% year on year to €370m ($489m) in the second quarter of this year on the back of lower utilization rates and refining margins.
“Petrochemical margins were…stable in Europe and continued to improve in the US compared to the same period last year, the company said in a statement.
For the first six months of this year, Total’s refining and chemicals business’ adjusted net operating income was up by 70% year on year at €753m, it said.
“This increase was mainly due to an improved petrochemicals environment and the initial benefits of the efficiencies and synergies program,” the company added.
On a group basis, the company’s overall adjusted net income fell by 3% year on year to €2.7bn in April-June this year, while sales were down by 4% at €47bn.
For the first six months of this year, the company’s total adjusted net income slipped by 5% to €5.56bn, with sales also down by 5% at €95.1bn.
($1 = €0.75)
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