Total sees profits slip

AFP/Scanpix

Josh Lewis

 13 February 2013 08:04 GMT

French giant Total saw profits fall in 2012, despite a rise in revenue, as impairments hit the company’s bottom line.

The company posted a profit of €10.8 billion ($14.5 billion) for the year, down 13% on the nearly €12.3 billion profit booked in 2011.

Hitting the company’s profits were special items which had a negative effect on net income of €1.5 billion last year, which included, amongst other items, an impairment of assets in the Barnett play in the US, provisions for abandonment costs relating to Elgin in the UK and a one-off tax of 4% on petroleum stocks in France.

The after-tax inventory effect also had a negative result on net income…

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