Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The new head of French energy major Total promised "continuity and stability" after the death of the company's chief executive/AFP

World

Total disappoints with 20% profit drop in 2013

French oil giant Total said Wednesday its 2013 net profit dipped 20 percent to 8.4 billion euros ($11.45 billion), on the back of higher exploration charges and crumbling refinery margins in Europe/AFP

French oil giant Total said Wednesday its 2013 net profit dipped 20 percent to 8.4 billion euros ($11.45 billion), on the back of higher exploration charges and crumbling refinery margins in Europe/AFP

PARIS, February 12- French oil giant Total said Wednesday its 2013 net profit dipped 20 percent to 8.4 billion euros ($11.45 billion), on the back of higher exploration charges and crumbling refinery margins in Europe.

Adjusted net income, a key measure which excludes some volatile or non-recurrent items, was down 12 percent to 10.7 billion euros.

Total sales fell 5 percent to 189.5 billion euros, the group said.

Production was stable for last year, instead of showing the increase Total had forecast.

Chairman and CEO Christophe de Margerie said “the significant deterioration of European refining margins was partially offset by a more favourable environment for petrochemicals”.

Total’s spree of capital expenditure peaked in 2013 and was to fall this year and going forward.

“The intensive investment phase that we embarked on … reached a peak of 28 billion dollars in 2013,” Margerie said.

“The significant deterioration of European refining margins was partially offset by a more favourable environment for petrochemicals,” he said.

Despite the setback for production, the group said it was holding to its target of raising output steadily to 2017 and beyond with new projects in Africa, Canada, Russia and Brazil.

Even though the annual results fell short of expectations, the group said that it intended to increase its dividend for 2013 by 1.7 percent to 2.38 euros per share from 2.34 euros in 2012.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...