Tags: EU | France | Earns | Total

France's Total Profit Falls 30 Percent Due to Oil Price Drop

Thursday, 28 July 2016 06:22 AM

PARIS (AP) — French energy company Total SA says its net income fell 30 percent in the second quarter to $2.09 billion due to the impact of lower oil prices.

The Paris-based company said its sales for the April-June period were $37.22 billion, down from $44.72 billion in the year-earlier period.

Chairman and CEO Patrick Pouyanne said the company will continue to focus on reducing costs and expects to "surpass the $2.4 billion cost reduction target for this year."

The company said in its earnings statement that it had been "resilient in a weak environment" but noted that oil prices had recovered somewhat compared with the beginning of 2016. It also confirmed its objective to generate a net $2 billion from the sale of assets over the course of the year.

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French energy company Total SA says its net income fell 30 percent in the second quarter to $2.09 billion due to the impact of lower oil prices.The Paris-based company said its sales for the April-June period were $37.22 billion, down from $44.72 billion in the year-earlier...
EU,France,Earns,Total
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2016-22-28
Thursday, 28 July 2016 06:22 AM
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