French oil giant Total has announced that its adjusted net profit fell by 3% to E3 billion, or E1.32 per share, for the third quarter of 2007, compared to E3.11 billion, or E1.82 per share, for the same quarter in 2006.
Total reported a 3% increase in third quarter sales for 2007 at E39.43 billion, compared to E38.35 billion for the same quarter in the last fiscal year. Nine-month sales figures fell by 2% for Q3 2007 to E115.56 billion compared to E117.36 billion for the same quarter in 2006.
Christophe de Margerie, CEO, said: Compared to the third quarter 2006, the environment in the third quarter 2007 was mixed. While the Brent oil price increased by 7% to $75 per barrel, the dollar fell by 7% relative to the euro. The average natural gas price was weaker, primarily because lower spot UK prices. European refining margins fell by 17% to a more moderate level. The environment for chemicals remained generally satisfactory. In this context, Total was the best performer among the majors.
Adjusted operating income fell by 9% for the third quarter of 2007 to E5.77 billion compared to E6.35 billion for the same quarter in 2006. The effective tax rate was 55.1% in the third quarter of 2007, compared to 55.6% in the same quarter of the last fiscal year.
Cash flow from operations was E3.54 billion for the third quarter of 2007, a decrease of 30% compared to the third quarter of 2006, mainly due to increase in working capital. Investments for the third quarter of 2007 were at E2.59 billion compared to E2.66 billion in Q3 of 2006.