French oil giant Total reports strong profits in 2012
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.