Business News
Total sees profits drop in 2009 due to plunging oil prices
Feb 11, 2010, 10:52 GMT
Paris - French petroleum giant Total saw its profits for 2009 fall by 20 per cent, to 8.447 billion euros (11.63 billion dollars), because of plunging oil prices due to the global economic crisis, the company said Thursday.
The average price of a barrel of crude oil was 61.70 dollars last year, 35.60 dollars lower than the average in 2008.
Turnover for France's largest company in terms of capitalization fell by 27 per cent over 2008, to 131.33 billion euros, Total said in a press statement.
Fourth-quarter profits fell by 28 per cent, to 2.1 billion euros, slightly higher than analysts had expected.
For 2010, the company said it would 'pursue its policy of growth with an investment budget of 18 billion dollars,' the same level as in 2008.
Total also said it would continue to divest itself of 'non-strategic assets,' such as the continuing sale of its shares in the pharmaceuticals giant Sanofi-Aventis.
Total's share price rose on the results, up 2.53 per cent, to 41.95 euros, in mid-day trading on the Paris Bourse.
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