Daily Nation ­ Friday
Date: 01.11.2013
Page 36
Article size: 74 cm2
ColumnCM: 16.44
AVE: 39795.55
Total profit drops as output increases
PARIS, Thursday
French oil and gas­group
Total reported a sharp fall in
net profit for the third quarter
today, owing to a surge of ex­
ploration costs and a slump in
European refining margins.
But the group confirmed
an increase in its production,
which began earlier this year.
In the third quarter, net
profit fell by 17 per cent from
the equivalent figure last year
to 2.8 billion euros ($3.8 bil­
tough environment for refining
lion).
in Europe, the group said in a
The adjusted net figure,
which excludes some volatile
factors and is closely watched
by analysts, fell by 19.0 per cent
to 2.7 billion euros.
statement.
Refining margins in the re­
gion had slumped to $10 per
tonne from $50 in the same
period of last year, finance
The group said the figures
director Patrick de la Chev­
reflected an increase of $400
million (290 million euros)
for exploration costs in line
ardiere told a telephone press
with an ambitious drilling
programme.
The other main factor was a
conference.
But the group said its refin­
ing and chemicals activities
had stood up well to this dif­
ficult environment. (AFP)
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