Business News
Total profits down 37 per cent as oil prices recover
Nov 4, 2009, 8:28 GMT
Paris - French petroleum giant Total said Wednesday that profits for the third quarter of 2009 were down 37 per cent, at 1.92 billion euros (2.83 billion dollars), compared to the same period last year.
But the results represent something of a recovery for France's largest company by earnings, since profits had plunged by more than half in this year's second quarter. The improvement was due in large part to the rising price of crude oil.
Turnover for the third quarter was off 31 per cent, at 33.63 billion euros, Total said in a press statement.
For the first nine months of this year, turnover was off by 33 per cent, to 95 billion euros, while profits for the period fell by 44 per cent, at 6.38 billion euros.
Investors found the results disappointing and bid down Total's share price by 0.82 per cent, to 40.62 euros, in early trading on the Paris Bourse.
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