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French oil giant Total reports strong profits in 2012

Published on Feb 13, 2013 4:05 PM

PARIS (AFP) - French oil giant Total reported on Wednesday an 8 per cent rise in net profit to 12.4 billion euros (S$20.7 billion) in 2012, excluding the change in value of oil in stock.

This is the measure, known as the current-cost accounting basis, which is most closely watched in the oil sector.

Net profit on an overall basis, the historic-cost method, fell by 13 per cent to 10.7 billion euros.

The statement said that a fall in production had been counter-balanced by high oil prices and a temporary rally of margins for refiners in Europe.

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