Costs chop Total profit

AFP/Scanpix

Eoin O'Cinneide

 27 July 2012 06:53 GMT

Increased expenses and a higher depreciation bill eroded higher revenues to send group share of net profit crashing at Total.

The Elgin gas leak in the UK North Sea and other incidents in Nigeria and Yemen ate into the upstream performance as production went down 2%.

The average price of crude also slipped 7% year-on-year, Total said in Friday's result announcement.

Net profit for the three months to the end of June was EUR 1.61 billion ($1.98 billion) as against EUR 2.81 billion a year earlier.

On an adjusted basis, however, the net rose from EUR 2.79 billion to EUR 2.86 billion.

This was despite sales rising from EUR 45 billion to EUR 49.14 billion…

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