Sales up for oil giant Total but profit down
PARIS (AP) — French oil giant Total says its revenue grew 8 percent in the third quarter, but profits slipped 7 percent, in part due to one-off charges and the falling price of oil.
France's largest company by market value said Wednesday that its revenues rose to €49.9 billion ($64.7 billion) in the July-to-September period. High refining margins because of maintenance on several refineries in Europe and a budding economic recovery helped drive revenue growth.
But special charges, like a one-off tax on crude and refined product inventories implemented by the French government and an impairment in the value of some U.S. assets hit profits. Net income for the quarter was down to €3.1 billion.