(MENAFN) French oil giant Total announced a 20 percent fall in first quarter profits due to slumping oil prices and disruption of its activities because of violence in Yemen and Libya, Arab News reported.
Total said in a statement that profits for the first three months of the year dropped to USD2.6 billion from USD3.3 billion during the same period last year, on 30 percent lower sales of USD42.3 billion.
The company said its profit slide amounted to 22 percent compared to the first-quarter of 2014, but the loss was partially offset by a 10 percent hike in production to 2.4 million barrels per day.
"Against a backdrop of lower prices, Total's first quarter results include a number of significant accomplishments in all segments. Total is thus demonstrating its resilience and profiting from its integrated model," Total chairman said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.