Total’s refining and chemicals Q3 operating profit down 42%

31 October 2013 08:14  [Source: ICIS news]

SINGAPORE (ICIS)--French energy firm Total said on Thursday its refining and chemicals business posted an adjusted net operating profit of €330m ($452m), representing a 42% decline compared with the same period last year.

“Implementing operational efficiencies and synergies as well as a more favourable petrochemicals environment partially offset the sharp decrease in European refining margins,” Total said.

In the first nine months of 2013, the segment’s adjusted net operating income grew by 7% year on year to €1.08bn, it said.

“The specialty chemicals [business] performed well despite a less favourable environment in Europe,” Total said.

The company’s overall net profit in the third quarter declined by 10% year on year to €2.76bn, with a 6% drop in sales to €46.7bn.

For January-September 2013, Total’s net profit declined 17% year on year to €6.84bn, with sales down by 6% at €141.8bn, the company said.

($1 = €0.73)

By: Pearl Bantillo
+65 6780 4359

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